Buchanan Unveils Plan to Preserve Trump Tax Cuts

Todays News

U.S. Rep. Vern Buchanan, R-Sarasota, announced legislation to make Donald Trump-era tax cuts set to expire in 2025 permanent. Crafted with staff for Republicans on the House Ways and Means Committee, the taxation legislation may now serve as policy blueprint for Republicans running nationwide to retake a majority in the House.

Should Republicans win a majority, Buchanan is in line to be the senior-most Republican on the House Ways and Means Committee. That’s a perch from which he could advance the tax bill. The legislation boasts support from U.S. Rep. Kevin Brady, R-Texas and the current Ways and Means ranking Republican. Brady helped write the Tax Cuts and Jobs Act of 2017 while Trump served as president. He’s retiring from Congress this year.

“In 2017, Republicans delivered the most comprehensive overhaul of the U.S. tax code in more than three decades and achieved historic economic growth,” Buchanan said. “Under the leadership of Leader Brady, we delivered historic tax relief to low and middle-income families and small businesses across all income levels. With Americans continuing to suffer under the weight of record-high inflation and an uncertain economic future, we need to provide some much-needed relief and certainty to hardworking families and ensure these tax cuts do not expire.”

As written, the bill would codify 23 provisions of the law set to expire in a few years. That includes a 20% deduction for small businesses, a child tax credit twice the level it was before the 2017 tax package was signed, and a high standard deduction allowing most Americans to obtain maximum tax benefits without itemizing federal income taxes.

“Making the historic Tax Cuts and Jobs Act permanent will lock in low taxes for families and small businesses struggling with record inflation, and create certainty for the pro-growth provisions that leapfrogged America to the most competitive economy in the world,” Brady said.

Buchanan’s office pointed to Tax Foundation analysis that projects a 2.2% increase in the U.S. gross domestic product long-term should the Trump tax cuts become permanent. 

“The results of TCJA were nothing short of stunning, but not surprising,” Buchanan said. “As someone who spent 30 years doing business, I know from experience that making our tax code more competitive means greater prosperity for small businesses and families.”

Of course, just the selection of Buchanan to carry the bill already signals growing influence for the eight-term Congressman. He has co-chaired five of six subcommittees of Ways and Means, and increasingly appears to be a frontrunner for the position. He also has raised $3 million for the National Republican Congressional Committee, the House Republicans pollical arm, and committed to raising $1 million more to support the effort to retake a majority in the House.

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