Fact Check: "The 2017 tax cuts are set to expire at the end of the year."
What We Know
The claim that "the 2017 tax cuts are set to expire at the end of the year" refers to the Tax Cuts and Jobs Act (TCJA) enacted in December 2017. This legislation included significant tax reductions for individuals and corporations, many of which are set to expire after 2025. Specifically, the individual tax cuts are temporary and will revert to previous rates unless Congress acts to extend them. According to the Congressional Budget Office (CBO), the individual tax provisions of the TCJA are scheduled to sunset after 2025, while the corporate tax rate reduction is permanent.
Analysis
The assertion that the tax cuts are "set to expire at the end of the year" is misleading. While it is true that the individual tax cuts will expire at the end of 2025, the phrasing implies an imminent expiration that does not occur until the end of that year. The expiration of the individual tax cuts is a planned aspect of the TCJA, as noted by the Tax Policy Center, which emphasizes that these provisions were designed to be temporary.
Moreover, the corporate tax cuts, which reduced the corporate tax rate from 35% to 21%, are permanent and will not expire at the end of the year or any time soon. This distinction is crucial in understanding the full context of the tax cuts and their longevity.
The sources discussing the TCJA, including the CBO and the Tax Policy Center, are credible and provide a comprehensive overview of the legislation's implications. However, the claim itself lacks nuance and could mislead individuals into believing that all tax cuts from the TCJA are expiring imminently.
Conclusion
Verdict: Unverified
The claim that "the 2017 tax cuts are set to expire at the end of the year" is misleading. While the individual tax cuts are set to expire at the end of 2025, the phrasing suggests an immediate expiration that does not occur. The corporate tax cuts are permanent, and thus the claim does not accurately represent the situation.
