Congressman David Kustoff (TN-08) recently cosponsored the TCJA Permanency Act, H.R. 8913, introduced by Congressman Vern Buchanan (R-FL). This legislation would make permanent the tax cuts for individuals and small businesses originally enacted as part of the Republican passed Tax Cuts and Jobs Act (TCJA) of 2017.

"The Republican passed TCJA brought monumental economic relief to Americans and led to one of the strongest economies in U.S. history," said Congressman Kustoff. "Today, families and small businesses are grappling with record-high inflation and an economy in recession. Instead of more spending and government handouts, we must expand opportunities for Americans and give them the tools they need to succeed. The TCJA Permanency Act does just that. TCJA ushered in historic economic growth once, and I am confident that it will do it again."

“In 2017, Republicans delivered the most comprehensive overhaul of the U.S. tax code in more than three decades and achieved historic economic growth. Under the leadership of Leader Brady, we delivered historic tax relief to low and middle-income families and small businesses across all income levels. 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 ensure these tax cuts do not expire,” said Congressman Buchanan.

“Unlike the cruel economy of President Biden, under the modernized Republican tax code of 2017 America’s economy was growing, paychecks were rising twice as fast as inflation, jobs were coming back from overseas, millions of Americans were lifted out of poverty and communities enjoyed record business investment here in America. Making the historic Tax Cuts and Jobs Act permanent will lock in low taxes for families and small businesses struggling with record inflation, and create certainty for the pro-growth provisions that leapfrogged America to the most competitive economy in the world,” said Leader Brady.

Background:

Without Congressional action, 23 different provisions of the 2017 Republican tax law are set to expire after 2025. The TCJA Permanency Act will:

1. Permanently lower tax rates for individuals and families, allowing Americans at every income level to keep more of their hard-earned money.
2. Preserve 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.
3. Maintain the higher standard deduction, increasing the amount of tax-free income a middle-class family can earn.
4. Lock in the doubled child tax credit, further encouraging workforce participation.
5. 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.

• TCJA reduced taxes on middle-class families and small businesses across the country and created nearly 5 million jobs in the two years following its passage.
• It also delivered the lowest unemployment rate in 50 years (3.5 percent), all-time low unemployment for African American and Hispanic workers, and the fastest wage growth in a decade.
• The nonpartisan Congressional Budget Office also found that TCJA reduced federal tax rates for families across every income level while actually increasing the share of taxes paid by the top 1 percent of American households.
• According to the Tax Foundation, making TCJA’s individual tax provisions permanent will lead to 2.2 percent higher GDP in the long-term.

Original cosponsors of the TCJA Permanency Act include Ways and Means Republican Leader Kevin Brady (R-TX); Rep. Jim Banks (R-IN), chairman of the Republican Study Committee; Congressman Scott Perry (R-PA), chairman of the House Freedom Caucus; and Congressman David Joyce (R-OH), chairman of the Republican Governance Group.

Original source can be found here.