Tariffs have already begun to cut into some of the gains from the tax cuts. The average household will face an $831 annual burden as a result of the tariffs on Chinese goods, according to a study from the Federal Reserve Bank of New York.
Concern about increasing the tax burden on middle-earners is also problematic for those Democrats who want to curtail the Trump tax cuts without exception. Several aspects of the law, such as an expanded child tax credit and a higher standard deduction that simplifies the filing process for many people, are popular with many voters.
Republicans say they hope that any tax increases by Democrats would become self-inflicted wounds in 2020. So far, about a year and a half since it was signed into law, only 32% of people view the overhaul favorably, according to an average of polls compiled by Real Clear Politics.
“What we have done is raise the economy and lifted people across the income spectrum,” Representative Tom Rice, a South Carolina Republican, said. “Why they would want to go back on that is insane to me. Hopefully the American voters will see that in the next election.”
This story provided by Bloomberg News.