(The Center Square) – California leaders implored Congress to maintain the 2017 Tax Cuts and Jobs Act’s tax cuts and tax-deferred Opportunity Zones, citing the program’s success in transforming the California city of Stockton and noting the substantial tax savings created for the average Californian.
The TCJA is set to expire by the end of 2025, meaning if Congress does not renew the cuts, Americans would face major tax increases, and the loss of Opportunity Zones — governor-nominated economically distressed Census tracts where investors can defer or eliminate federal taxes on capital gains.
Americans for Prosperity, a libertarian advocacy group, and The LIBRE Initiative, which says it is the nation’s largest center-right Latino group, held an event Thursday evening in Stockton with the city’s former mayor, Kevin Lincoln, on the importance of maintaining the TJCA, and possible negative consequences for Californians if Congress fails to renew the cuts by the end of the year…