U.S. Rep. Vern Buchanan (R-FL) introduced legislation that would make the 2017 Tax Cut and Jobs Act permanent.
Buchanan was joined by 72 of his House Republican colleagues as original cosponsors in introducing this bill.
The TCJA Permanency Act (H.R.976) would permanently lower tax rates for individuals; preserve the 20 percent deduction for small businesses; maintains the higher standard deduction; lock in the doubled child tax credit; simplify the tax filing process; and expand eligible uses of 529 savings plans.
“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 said. “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.”
Without Congressional action, Buchanan said 23 different provisions of the 2017 Republican tax law will expire after 2025.
“The results of TCJA were nothing short of remarkable but not surprising,” Buchanan said. “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.”
Making TCJA’s individual tax provisions permanent would lead to a 2.2 percent higher GDP in the long term, Buchanan said, citing an analysis by the Tax Foundation.
The TCJA Permanency Act is endorsed by Americans for Tax Reform, 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.