Greenville Reporter

North Carolina State Representative Gregory F. Murphy has voiced concerns about President Biden's plan to allow the Tax Cuts and Jobs Act (TCJA) to expire, stating that it could negatively impact millions of Americans. Contrary to Biden's assurances, Murphy argues that individuals earning under $400,000 per year will also face tax increases.

"President Biden's plan to let the Tax Cuts and Jobs Act expire will harm millions of hardworking Americans," said Rep. Gregory F. Murphy, according to X. "Don't believe his lie that folks who earn under $400,000/year won't see a tax increase."

The TCJA, enacted in 2017, introduced significant changes to the individual income tax code. It reduced taxes for all income groups and provided benefits such as lower tax rates, wider brackets, and a doubled standard deduction. However, these cuts are set to expire at the end of 2025 which could result in higher taxes for taxpayers, according to the Tax Foundation.

Rep. Tiffany's post | x

Congress.gov provides details on the TCJA which was sponsored by Representative Kevin Brady and became law on December 22, 2017. The legislation overhauled the U.S. tax system by introducing significant reforms to both individual and business taxes. It replaced existing tax brackets with new ones, temporarily lowered individual income tax rates, adjusted deductions and credits, introduced a 20% deduction for qualified business income from pass-through entities subject to certain limitations and exclusions. Furthermore, the TCJA increased the standard deduction and modified the child tax credit.

Murphy is currently serving his third term representing North Carolina’s Third Congressional District which includes significant regions of Eastern North Carolina. He holds key positions on committees including the House Ways and Means Committee, the House Veterans Affairs Committee, and the Committee on House Administration; he also co-chairs the House GOP Doctors Caucus. With academic honors from Davidson College and the University of North Carolina’s School of Medicine, Murphy is currently the only practicing surgeon among congressional members according to House.gov.