(ConservativeFreePress.com) – House Republicans want to use their majority control of the House to make many different tax provisions in the Tax Cuts and Jobs Act permanent. The provisions which were originally passed in 2017 are set to expire in two years.
One of the provisions includes an increase in the estate tax exemption and a $10,000 cap on state and local tax deductions.
Rep. Vern Buchanan, R-Fla., and 72 other House Republicans jointly proposed legislation that would help make the tax cuts permanent instead of having them expire in 2025. Buchanan, the vice chairman of the House Ways and Means Committee, told the Washington Examiner that the overhaul of the tax code two years ago by the Republicans led to the country having more economic growth in the past few years than it had over the past three decades. However, he acknowledged that many Americans are still suffering from very high inflation rates and uncertainty regarding the country’s economy. He added that these provisions help ensure that more money stays in the pockets of American taxpayers.
He added that the tax code being competitive is the key to having more prosperous businesses and families, so it is not surprising that the overhaul had such a positive effect.
Rep. Michael McCaul, R-Texas, in a statement also noted that the Republicans’ Tax Cuts and Jobs Act were essential to the economy and they helped bring about many changes, including higher wages, lower levels of unemployment, and tax decreases that helped leave “more money in people’s wallets.”
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