While many of us have been enjoying the Federal income tax cuts for the last year, it should be noted that nothing lasts forever.
Unless, of course, Ted Cruz has his way and succeeds in a recent second attempt to make those tax cuts permanent.
Last Thursday April 11th, 2019, Senator Ted Cruz (R-Tx) reintroduced a bill to ensure the historic GOP tax cuts are permanent.
Ted Cruz writes, "Last year, as a result of Republican leadership in both houses of Congress, Texans and Americans across the country saw a booming economy and higher wages. I am reintroducing my bill today as I believe that making the historic tax cuts permanent is a step forward for Congress to deliver on our promises made to the American people. I am grateful for the support of Senators Ernst, Blackburn, Cramer and Braun in supporting this crucial legislation, and hope our Democratic colleagues will put aside partisan politics and join us in this effort to make our historic tax cuts for hardworking middle class families permanent."
Key provisions of the bill include:
- A permanent extension of the lower rate for pass-through entities;
- A permanent extension of the increase in the standard deduction;
- A permanent increase and modification of the Child Tax Credit;
- A permanent increase in the limitation on charitable contributions;
- A permanent extension of changes to individual deductions, including SALT;
- A permanent increase in estate and gift tax exemption;
- A permanent increase in Alternative Minimum Tax (AMT) exemption.
Since first introducing tax cuts two years ago, Americans have saved billions in federal taxes and enjoyed an economy moving at rocket speed. Let's hope those tax cuts stay on the book so middle class families and small business owners can continue to prosper.
The full text of the bill may be viewed here.
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