U.S. Rep. Rodney Davis (R-IL) recently led 89 GOP original cosponsors in introducing legislation that would make certain provisions of the Tax Cuts and Jobs Act permanent for individuals, families and small businesses.
Rep. Davis sponsored the Protecting Family and Small Business Tax Cuts Act of 2022, H.R. 6658, which now has 103 Republican cosponsors. The bill addresses Deduction for Qualified Business Income of Pass-thru Entities, Tax Benefits for Families and Individuals, and myriad Deductions and Exclusions, according to the bill’s text.
“In 2017 under the leadership of President Trump we delivered the first major tax reform in 31 years and delivered on our promise to bring relief to middle-class families,” said Rep. Davis. “Making the Trump tax cuts permanent would continue to grow our economy, create new jobs, and provide certainty for families.”
The original tax reform bill passed by the U.S. House of Representatives in November 2017 made the individual rates and deductions permanent, but eventually they were made temporary by the U.S. Senate to abide by budget reconciliation rules, according to information provided by Rep. Davis’ office. Currently, the provisions expire in 2025.
Some of the provisions made permanent under H.R. 6658 would be lowered rates for individuals at every income level; a doubled standard deduction to $12,950 for single filers and $25,900 for joint filers; a doubled Child Tax Credit to $2,000 with up to $1,400 refundable; and the 20-percent tax deduction for small business owners, according to the congressman’s information.
“The 2017 Tax Cuts and Jobs Act allowed Iowans to keep more of their hard-earned paychecks and provided certainty to our main street businesses,” said bill cosponsor U.S. Rep. Ashley Hinson (R-IA). “With rampant inflation and prices soaring, I’m proud to help lead this effort to make key tax cuts permanent so that we can get our economy back on track and help working families afford their everyday life.”