At a time when there are a lot of complaints about higher prices of living in many areas, Kansas Second District Congressman Derek Schmidt says the situation could have been worse had Congress not acted to end a significant federal tax increase.
Schmidt referenced tax cuts set to end this week. Had they expired, the Congressional Budget Office indicated an estimated $4.6 trillion revenue increase over 10 years. Others, including the Tax Foundation and JPMorgan Chase, say tariff-driven hikes are the biggest tax increase as a percentage of gross domestic product since at least 1993, and in at least one report dating back to 1951.
On KVOE’s Morning Show recently, Schmidt said residents need to brace themselves for sharply higher health insurance premiums. He says premiums are already too high, but the system is “opaque” — so it’s hard to tell who is paying for what.
In Schmidt’s mind, the best path forward is a compromise for up to a year.
Schmidt says lawmakers have given residents financial relief in other areas, including a credit eliminating taxes on Social Security for seniors, an increase in child care deductions and an end of taxes on overtime pay.
