Americans Are Seeing Historic Tax Cuts Thanks to President Trump and Republicans

AMERICANS ARE KEEPING MORE MONEY IN THEIR WALLET

On July 4, 2025, President Trump signed the Working Families Tax Cuts, the largest tax cut in U.S. history.

The bill extended the Tax Cuts and Jobs ACT of 2017 (TCJA) tax cuts, which prevented a more-than $4 trillion tax hike on American families and businesses.
Every single Democrat voted against this historic bill.

The law eliminated taxes on tips, overtime, and Social Security, allowing Americans to keep more of their hard-earned money.

Over 53 million taxpayers have benefited from at least one of the new provisions.
Americans earning $15,000-$80,000 per year are receiving an average tax cut of 15%.
More than five million children have already been signed up for Trump Accounts, with over one million families claiming the $1,000 starter investment.

Average tax refunds are up 24% compared to the four-year average of refunds under Joe Biden.
The Working Families Tax Cuts made the doubled standard deduction permanent, allowing Americans to continue shielding a larger portion of their income from taxes.
Thanks to the Working Families Tax Cuts, qualifying individuals can now deduct up to $10,000 per year in interest paid on certain car loans.

Over one million filers have benefited from this provision with an average deduction of over $1,800.

AMERICAN WORKERS ARE BENEFITING FROM LOWER TAXES

Thanks to President Trump, Americans no longer have to pay taxes on tips or overtime.

The law made opportunity zones permanent, strengthens the program, and unlocks over $100 billion of investment into rural and distressed communities.

SMALL BUSINESSES ARE FEELING THE TAX CUTS

The TCJA of 2017 created a temporary small business tax deduction (199A) of 20% – the Working Families Tax Cuts made that deduction permanent, allowing small businesses to keep more of their income to invest and grow.

This will create over one million new small business jobs and generate $750 billion in economic growth.
So far this law has reduced taxes for about 12 million small business owners by nearly $7,000.

Farmers are protected from paying more taxes since the law made permanent and doubled the death tax exemption for over two million family-owned farms.
The Workings Families Tax Cuts doubled the amount small businesses can immediately deduct for equipment and property purchases to $2.5 million, helping them reinvest in their operations, expand, and hire more workers.
The law eliminated the burdensome Biden-era requirement for gig workers to report transactions of $600 or more from Venmo, PayPal, and other services.

The law also increased the threshold for businesses to report payments, reducing paperwork for small businesses.

THE LAW IS PUTTING FAMILIES FIRST

The TCJA child tax credits were temporary and set to expire, but the Working Families Tax Cuts made the child tax credit permanent.

The law also increased the child tax credit to $2,200 from $2,000 for each qualifying child.
The bill indexed the credit for inflation, so the amount of the child tax credit can rise over time.
Increasing the child tax credit and making it permanent will allow families to cover costs of raising children, from groceries to childcare.

The paid family leave tax credit was set to expire but the Working Families Tax Cuts made it permanent.

This change makes it easier for families to take paid time off without losing their paycheck.
The law allows more workers to qualify for paid leave, including part-time employees and those newer to the job, expanding support to millions of families.

The Working Families Tax Cuts increased the employer-provided child care credit which will lower out-of-pocket childcare costs for families.
The Working Families Tax Cuts strengthened the Child and Dependent Care Tax Credit, helping working parents get more meaningful financial relief to cover the cost of child care.
The Working Families Tax Cuts increased the amount families can set aside tax-free in Dependent Care Flex Savings Accounts, helping working parents keep more of their income to cover child care costs.

This increase to $7,500 from $5,000 was the first permanent increase since 1986.

The adoption credit was made partially refundable, allowing families who choose to adopt to keep more of their money to help cover the cost of bringing a child into their home.

THE WORKING FAMILIES TAX CUTS ARE MAKING IT EASIER TO PAY FOR EDUCATION

The Working Families Tax Cuts greatly enhanced 529 education savings accounts which allow American families and students to save money on education-related expenses.

The Working Families Tax Cuts doubled the withdrawal limit for each student per year from $10,000 to $20,000.
529 funds can now be used for a broader range of K-12 education expenses such as textbooks, tutoring, and educational therapies.
The law also expands 529 plans to cover career training programs, including trade schools, apprenticeships, and professional certifications.

The law created the Education Freedom Tax Credit which allows taxpayers to support student scholarships while receiving a tax credit, helping families access more education options.

TRUMP ACCOUNTS INVEST IN AMERICA’S CHILDREN

The Working Families Tax Cuts created Trump Accounts which will build wealth for America’s children.
Every American child with a Social Security number under 18 is eligible, and those born between 2025-2028 will receive a $1,000 seed deposit, completely free.

Funds will be invested in a diversified portfolio to maximize long-term growth while minimizing risk.
Investment growth in Trump Accounts is not taxed while it remains in the account, allowing savings to compound faster over time.
Parents, employers, and others can contribute up to $5,000 per year.
If contributions are maxed out each year, the account could reach $271,000 by the time the child turns 18 years old.

Corporations can contribute up to $2,500 to Trump Accounts on behalf of their employees’ children as a tax-deductible, family-focused benefit.
Family members, employers, and communities can all contribute, making it a shared investment in the next generation.

Originally published here.

The Patriot Post® · Americans Are Seeing Historic Tax Cuts Thanks to President Trump and Republicans