WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), today reintroduced his bill to ensure the historic GOP tax cuts on individuals are permanent. Sens. Joni Ernst (R-Iowa), Marsha Blackburn (R-Tenn.), Kevin Cramer (R-N.D.), and Mike Braun (R-Ind.) joined Sen. Cruz in introducing the bill. The full text of the bill may be viewed here.
“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,” Sen. Cruz said. “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.”
“Last year alone, Iowans saved nearly $1.8 billion in federal taxes. By lowering tax rates, and doubling the standard deduction and child tax credit, the Tax Cuts and Jobs Act has helped families throughout Iowa keep more of their hard-earned dollars. We need to keep this momentum going,” said Senator Joni Ernst. “With this legislation, tax cuts for families and small businesses will be permanent, allowing folks across our state to better plan for their future.”
“Tennesseans and hard-working Americans across the country are already seeing the benefits of the Tax Cuts and Jobs Act on their pocketbooks,” said Senator Blackburn. “It’s time for us to make these tax cuts permanent, so taxpayers can continue to see more money in their paychecks.”
“The tax cuts are working in North Dakota, and they are working for the American people,” said Senator Cramer. “Given their strong record of results, why would we not make these job-creating policies permanent?”
“As a business owner, I know firsthand how President Trump’s tax relief has kicked our economy into high gear and empowered job creators to pass savings on to their employees through higher wages and lower healthcare costs like I did in my company,” said Senator Braun. “Let’s make these pro-growth tax cuts permanent to keep our economy firing on all cylinders for Hoosier workers and their families.”
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.