House Republicans proposed legislation on Monday that would make permanent several expiring tax cuts enacted as part of the 2017 tax overhaul.
Without Congress acting, nearly two dozen tax provisions that were part of the Tax Cuts and Jobs Act are set to sunset after 2025, affecting people and small businesses. Republicans have made extending portions of the tax law a top priority, although doing so will likely not happen in the near term as Democrats control both the Senate and the White House.
Additionally, the $10,000 cap on deductions for state and local taxes paid is among the swath of policies set to expire. The cap was introduced as a pay-for by Republicans as the deductions largely benefit wealthy people in high-tax states. Several Democratic lawmakers have made raising or repealing the ceiling a top priority.The 2017 tax law also doubled the estate, or death, tax exemption. That allowed people to keep more of their inheritance before being hit by federal taxes.
The historic tax law also doubled the child tax credit, increasing it to $2,000 for qualifying families. The CBO estimates extending the boosted child tax credit would cost more than $500 billion. Meanwhile, extending the SALT cap and associated changes would offset some of those costs by saving the United States $765 billion.
“In 2017, Republicans delivered the most comprehensive overhaul of the U.S. tax code in more than three decades and achieved historic economic growth,” said Buchanan, who is vice chairman of the Ways and Means Committee. “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.
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