GOP lawmakers are looking to pass legislation that would make permanent the tax provisions for individuals and pass-through entities in the Tax Cuts and Jobs Act. The original tax reform bill passed by the House on November 16, 2017, made the individual rates and deductions permanent, but eventually were made temporary by the Senate to abide by budget reconciliation rules.

The Tax Cuts and Jobs Act signed by President Trump on December 22, 2017, is the largest tax overhaul our nation has seen since 1986. Currently, these provisions expire in 2025.

• Are you in favor of making the Trump-era individual tax cuts permanent?
• Are you in favor of making permanent the 100% Bonus Depreciation?
• Are you in favor of making permanent the base estate and gift tax exemption amount that has been raised from $5 million to $10 million?
• Are you in favor of making permanent the Deduction for Qualified Business Income of Pass-Through Entities?

Those in favor of making the 2017 tax cuts permanent argue that they helped millions of Americans keep more of their hard-earned money. They fear that if the tax cuts are allowed to expire, it will cause catastrophic damage to the American economy, especially during a time of high inflation. Rep. Rodney Davis (R-IL) said, “We need to make the historic Trump tax cuts permanent for the millions of hardworking middle-class Americans who have benefitted from lower rates, simplified filings, and a doubling of both the standard deduction and Child Tax Credit. Making the Trump tax cuts permanent would continue to grow our economy, create new jobs, and provide certainty for families.”

Those against making the tax cuts permanent argue that they have not made the impact on the economy that many were hoping for. They point out that individuals are mostly paying bills with the additional income instead of putting it back into the economy. Opponents also say that making the tax cuts permanent would add an estimated $3 trillion to the federal debt over 10 years. Many fear that it would lead to the government raising taxes in other areas to make up for the trillions of dollars lost in revenue.