Introduces comprehensive bill to make individual tax cuts and provisions permanent
WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) today, on Tax Day, introduced a comprehensive bill to make the federal tax cuts and provisions on the individual side permanent.
“We’re seeing enormous benefits as a result of the historic tax cuts passed last year,” Sen. Cruz said. “The Texas economy is booming, and even on Tax Day, there is a renewed optimism and energy throughout the state. Texans are investing capital, expanding businesses, hiring new workers, and raising wages, and that economic growth is benefiting middle class families across the Lone Star State. But on tax reform, Congress is just getting started. There is much more we can do on behalf hardworking Americans, starting with passing my bill to make the individual tax cuts and other provisions permanent.”
The bill ensures that not only the historic tax cuts on individuals are permanent, but also a host of other changes to the individual side of the Tax Code that are slated to expire.
Among others, these include:
- Permanent extension of the lower rate for pass-through entities;
- Permanent extension of the increase in the standard deduction;
- Permanent increase and modification of the Child Tax Credit;
- Permanent increase in the limitation on charitable contributions;
- Permanent extension of changes to individual deductions, including SALT;
- Permanent increase in estate and gift tax exemption;
- Permanent increase in Alternative Minimum Tax (AMT) exemption.
The full text of the comprehensive bill may be viewed here.