House Republicans are looking to make permanent the various tax provisions in the Tax Cuts and Jobs Act that are scheduled to expire in 2025.
Having won control of the House in the midterm elections, Republicans hope to protect the provisions passed in 2017, including an increased estate tax exemption and a $10,000 cap on state and local tax deductions.
Rep. Vern Buchanan, R-Fla., and 72 other House Republicans joined Monday to propose legislation that would make many of these tax cuts permanent before they expire in about two years.
“In 2017, Republicans delivered the most comprehensive overhaul of the U.S. tax code in more than three decades and achieved historic economic growth,” Buchanan, the vice chairman of the House Ways and Means Committee, told the Washington Examiner. “With Americans continuing to suffer under the weight of record-high inflation and an uncertain economic future, we need to provide some much-needed relief and certainty to hardworking families and Main Street businesses and ensure these tax cuts do not expire.”
He added: “The results of TCJA were nothing short of stunning, but not surprising. As someone who spent 30 years building businesses, I know from experience that making our tax code more competitive means greater prosperity for small businesses and families.”
Rep. Michael McCaul, R-Texas, said in a statement that “Republicans’ Tax Cuts and Jobs Act radically transformed the economy, bringing wages that far outpaced inflation, record lows in unemployment, and tax decreases that left more money in people’s wallets.”
“As Americans today struggle to make ends meet in President Biden’s economy, I’m proud to join this effort to provide permanent relief, ensuring families and small businesses will always have a chance to prosper,” McCaul added.
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