Republican support grows for Buchanan’s tax cut bill

More than 100 Republican members of Congress and several conservative and business organizations support legislation sponsored by U.S. Rep. Vern Buchanan (R-FL) that would make permanent tax cuts for individuals and small businesses originally enacted as part of the Tax Cuts and Jobs Act (TCJA) of 2017.

“Inflation is a tax on all Americans, pure and simple. Under President Biden’s cruel economy, inflation is still raging at a 40-year high and Americans are paying the price in the form of increased costs on everything from gas to groceries,” Rep. Buchanan said on Tuesday. “The last thing families and Main Street businesses need are more tax hikes, which is exactly what will happen unless Congress takes action to make these tax cuts permanent.”

The TCJA Permanency Act, H.R. 8913, which Rep. Buchanan introduced on Sept. 20 with four original cosponsors, including U.S. Rep. Dave Joyce (R-OH), would make permanent provisions affecting individual and business taxpayers enacted in 2017 by the TCJA that are scheduled to expire at the end of 2025; make permanent reductions in individual and capital gains tax rates; and would increase both the standard tax deduction for individual taxpayers and the child tax credit, among other provisions, according to the congressional record bill summary. 

The bill currently has 103 GOP cosponsors, including U.S. House Republican Whip Steve Scalise (R-LA) and 100 other members of the House Republican conference, according to Rep. Buchanan’s office.

Additionally, H.R. 8913 has garnered support from Americans for Tax Reform, the America First Policy Institute, the National Federation of Independent Businesses, Heritage Action, the National Association of Manufacturers, the S-Corp Association, the National Taxpayers Union, and the American Farm Bureau Federation.

“This bill makes it clear that protecting the pro-growth tax cuts passed in 2017 remains a top priority for Republicans when they take back Congress,” said Grover Norquist, founder and president of Americans for Tax Reform. “The TCJA Permanency Act will help right the ship and get the American economy growing again.”

Brooke Rollins, president and CEO of the America First Policy Institute (AFPI), said that the TCJA incentivized Americans to work, save, and invest, and delivered non-inflationary economic growth. 

“AFPI applauds Congressman Vern Buchanan for introducing legislation to extend TCJA fully and permanently,” she said. “This legislation is a key America First priority in the 118th Congress, and we are committed to working with Congressman Buchanan to get this bill across the finish line.”

H.R. 8913, which in total would make 23 different tax cuts permanent for individuals, families, and small businesses, is under consideration by the U.S. House Ways and Means Committee.