Congressman David Kustoff (TN-08) penned an op-ed for the Washington Times titled, "To save the economy, Congress must make some tax cuts permanent." In the op-ed, Congressman Kustoff outlines how making permanent the tax cuts in the Republican-passed Tax Cuts and Jobs Act of 2017 (TCJA) is a crucial step towards reducing inflation and strengthening the U.S. economy.
To save the economy, Congress must make some tax cuts permanent
By: Congressman David Kustoff
Democrats’ one-party rule in Washington has failed every American family and small business. As our nation is coming out of the COVID-19 pandemic, out-of-control government spending and radical policies have Americans from coast to coast struggling to make ends meet.
Republicans’ Commitment to America, by contrast, can deliver an economy that is strong. The key ingredient? Locking in the gains from the Republican-passed Tax Cuts and Jobs Act of 2017 (TCJA) by making its temporary provisions permanent. This was the first major reform to the federal tax code in over 30 years and expanded opportunities for families and businesses. TCJA reduced taxes on middle-class families and small businesses, created nearly 5 million jobs in the first two years, and delivered the lowest unemployment rate in 50 years.
After two years of Democrats’ failures, it’s clear that we need to make this reform permanent. These important TCJA tax cuts could expire in 2025 if President Biden has his way. Democrats are threatening to allow individual rates, income brackets, and standard deduction to revert to their previous levels, meaning nearly every American will pay more in taxes.
At a time when job creators are being forced to pass on higher costs to consumers in the form of higher prices, we need to provide relief. Small businesses have boomed thanks to a variety of TCJA provisions that let them invest in their businesses. One gives Main Street businesses a tax deduction of up to 20% of their income. Another lets businesses deduct the cost of new investments in the year they were purchased.
We even provided an estate tax exemption, which is a critical tool for retirement planning and family businesses. Yet Democrats have left these policies on the chopping block. The ideas behind these policies were developed over the course of a decade in more than 40 bipartisan hearings. No wonder they were a success. Compare that to the economic policies rammed through Congress by the Biden White House: a $2 trillion so-called stimulus that fueled inflation by paying people more to stay at home than go to work and unvetted tax increases that not only fall on made-in-America manufacturers but also eventually fall on American workers in the form of lower wages and fewer jobs.
We need to change course and return to the approach that worked. If Congress does not take action, working and middle-class families will face tax increases, which stifle domestic innovation and investment and make America less competitive abroad.
My Republican colleagues and I are committed to finding commonsense solutions to address the challenges families and small businesses in west Tennessee and throughout the United States are facing. The tax cuts in the Tax Cuts and Jobs Act of 2017 will allow Americans to keep more of their hard-earned money and help get our economy back on track. TCJA turned our economy around once. Making it permanent will ensure it can do it again.
Rep. David Kustoff, a Republican, represents Tennessee’s 8th Congressional District, and serves on the House Ways and Means Committee.
Original source can be found here.
