Sen. Cruz: We Must Make Historic GOP Tax Cuts Permanent for Middle Class Families in Wake of Economic Crisis
Introduces bill to make Republican tax cuts permanent
January 29, 2021
HOUSTON, Texas - U.S. Sen. Ted Cruz (R-Texas), along with Sens. Joni Ernst (R-Iowa), Mike Braun (R-Ind.), and Jim Inhofe (R-Okla.), this week introduced a bill to ensure the historic GOP tax cuts on individuals become permanent as the COVID-19 pandemic continues to devastate American families. Sen. Cruz previously introduced this legislation in 2018 and 2019.
Upon introduction, Sen. Cruz said:
"In the wake of the economic devastation wrought by the COVID-19 virus, millions of hardworking American families and small businesses are continuing to struggle. As we begin to rebuild and reopen our economy, these families need to know their taxes won't go back up just as they regain their financial footing. This legislation makes permanent the tax cuts for individuals contained in Tax Cuts and Jobs Act of 2017, including the expanded child tax credit, the increased standard deduction, and the lower rate for pass-through businesses. I urge my colleagues to swiftly take up and pass this bill to help jumpstart our economic recovery."
Sen. Inhofe added:
"We have seen the success of the long-needed tax cuts and making them permanent will ensure hard-working Oklahomans can reap the benefits for years to come. The historic 2017 Republican tax cuts allowed families to keep more of their hard-earned dollars in their pockets and making them permanent is the right next step for Oklahomans. I am proud to join Sen. Cruz on this commonsense bill."
Read the full text of Sen. Cruz's bill here.
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.