MEMPHIS, T.N. — This week, Congressman David Kustoff (R-TN) hosted roundtable discussions in Hardin County, Shelby County, and Madison County, with local certified public accountants (CPA), area chamber of commerce members, financial planners, and economic development leaders. At the roundtables, Congressman Kustoff discussed the Tax Cuts and Jobs Act of 2017 (TCJA) provisions that are set to expire in 2025 and heard from local leaders about their priorities for an upcoming tax package.
"In 2025, some of the tax cuts in the Republican-passed TCJA are set to expire. If this happens, the average Tennessee household will be hit with an estimated $3,000 tax hike. With inflation already rampant, this is the last thing families and businesses need," said Congressman Kustoff. "I was pleased to travel throughout West Tennessee and hear from community and business leaders about their priorities for a potential tax and economic package in the next Congress. In Washington, I am committed to finding solutions and working to ensure these tax provisions are codified in the U.S. tax code."
Pictures from the week:
Congressman Kustoff at the Hardin County roundtable.
Congressman Kustoff at the Shelby County roundtable.
Congressman Kustoff shakes hands with RBG Managing Partner, Skeet Haag, at the Shelby County roundtable.
Congressman Kustoff at the Madison County roundtable.
Background:
In 2017, Congress passed the Tax Cuts and Jobs Act. TCJA was the first major reform to the federal tax code in over thirty years: changing the individual income rates, the corporate tax rate, rules for estate and retirement planning, and taxes for small businesses. These Republican tax cuts brought relief to working and middle-class families and led to one of the strongest economies in U.S. history. However, if Congress does not act by the end of 2025, these provisions, among others, will expire. That will mean a significant tax increase on virtually all American taxpayers and businesses.
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This is a companion discussion topic for the original entry at https://kustoff.house.gov/media/press-releases/photos-congressman-kustoff-hosts-economic-roundtables-across-west-tennessee