U.S. Rep. Vern Buchanan, R-Fla., brought back his proposal to make tax cuts enacted by the Trump administration permanent.
When he introduced the “TCJA Permanency Act” in September, Buchanan noted 23 different tax cuts from the “Tax Cuts and Jobs Act (TCJA)” signed into law in 2017 will end after 2025 and he doubled down on that point this week.
“In 2017, Republicans delivered the most comprehensive overhaul of the U.S. tax code in more than three decades and achieved historic economic growth,” said Buchanan. “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.
“The results of TCJA were nothing short of remarkable, but not surprising,” added Buchanan. “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.”
According to Buchanan’s office, the proposal:
Permanently lowers tax rates for individuals and families, allowing Americans at every income level to keep more of their hard-earned money
Preserves the 20 percent deduction for small businesses, ensuring taxes won’t go up on Main Street businesses, which employ nearly half of the U.S. workforce
Maintains the higher standard deduction, increasing the amount of tax-free income a middle-class family can earn
Locks in the doubled child tax credit, further encouraging workforce participation
Permanently simplifies the tax filing process, allowing 9 out of 10 Americans to get the full benefit of tax deductions without the headache of tracking receipts or itemizing
The bill “also includes a number of important updates to a previous iteration of this bill, including several technical fixes and expanded eligible uses of 529 savings plans to help parents and students.”
Americans for Tax Reform, the America First Policy Institute, the National Federation of Independent Businesses, Heritage Action, the National Association of Manufacturers, the S-Corp Association, the National Taxpayers Union (NTU), Americans for Prosperity and the American Farm Bureau Federation are backing the proposal.
The bill was sent to the U.S. Ways and Means Committee, on which Buchanan serves as the vice chair. The bill has more than 70 co-sponsors, including Florida Republican U.S. Reps. Kat Cammack, Byron Donalds, Matt Gaetz, Carlos Gimenez, Laurel Lee, Anna Paulina Luna, Brian Mast, Bill Posey, John Rutherford, Maria Elvira Salazar and Michael Waltz. So far, there is no companion measure over in the U.S. Senate.
