Rep. Vern Buchanan (R-Fla.) recently introduced the TCJA Permanency Act (H.R.8913) to make permanent the Republican tax cuts passed in 2017.
Grover Norquist, President of Americans for Tax Reform, issued the following statement applauding the bill:
“This bill makes it clear that protecting the pro-growth tax cuts passed in 2017 remains a top priority for Republicans when they take back Congress. The Tax Cuts and Jobs Act delivered the strongest economy America had seen before Democrats took power, raised taxes, and drove the economy into the ground. Making TCJA permanent will lock in low taxes for American families of every income level and small businesses suffering through the highest levels of inflation in 40 years. The TCJA Permanency Act will help right the ship and get the American economy growing again.”
The TCJA Permanency Act will:
- Permanently lower 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.
- Maintain the higher standard deduction, increasing the amount of tax-free income a middle-class family can earn.
- Lock in the doubled child tax credit, further encouraging workforce participation.
- Permanently simplify 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 will also expand 529 savings plans, allowing parents and students to save more of their own money to use on education.
Americans for Tax Reform applauds Rep. Buchanan for introducing the TCJA Permanency Act and urges all Members of Congress to support the bill.