House Republicans To Make Tax Cuts PERMANENT In New Tax Cuts 2.0 Bill

President Trump could be getting an early Christmas gift from congressional Republicans in the form of a new tax bill.

The legislation which was announced this week would make the previous tax cuts law of 2017 permanent.

In short, the new law will seek to eliminate the sunset clauses required in the first wave of tax cuts.

The bill also looks to add to the cuts in tackling retirement and everyday expenditures.

From Fox Business:

Americans for Tax Reform President Grover Norquist told FOX Business that the new round of tax cuts will allow middle-classOpens a New Window. Americans to save more tax-free for their day-to-day expenditures and retirement.

“It sets up efforts so your 401(k), your IRA, your health savings account, your education savings account can come together and be more portable, be larger and allow you to save more tax-free,” Norquist said on Tuesday.

The GOP’s “tax reform 2.0″ would make permanent the individual tax cuts in the Tax Cuts and Jobs Act of 2017, which President Trump signed into law in December.

This is not just a political gift for the president, but for the hundreds of millions of people positively impacted by the initial tax cuts signed into law by President Trump during his first year in office.

Here’s more:

Norquist said the benefits generated from the second round of tax cuts will not only affect the average person, but it will help entrepreneurs who are seeking funds to start a small business.

“There are certain lower taxes for people starting businesses for investing in your small business,” he said.

Norquist said the most important aspect of the new tax proposal is that it highlights the importance of having a Republican Congress and White House to ensure the expectations of further tax cuts.

Norquist also reminded how important it is for tax cuts to keep Republican majorities in Congress and the White House.

“Every single year you have Republican House, Senate [and] president, there will be a tax cut,” he said.

As the Washington Post reports, the bill could run into some difficulty clearing the Senate as it would require 60 votes to clear the chamber. The November congressional election just became that much more important:

The proposals are not expected to pass Congress this year, as they require 60 votes in the Senate. Congressional Democrats quickly panned the plan released by Rep. Kevin Brady (R-Tex.), chairman of the House’s Ways and Means Committee and a key architect of last fall’s tax cuts.

The tax cuts for individuals under the original Republican tax law are mostly set to expire by 2025. Republican lawmakers decided only to make the law’s tax changes for corporations permanent — including lowering the corporate tax rate from 35 percent to 21 percent — to prevent the law from costing more than $1.5 trillion in a 10-year window.

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