WFB: Sen. Ted Cruz (R., Texas) introduced comprehensive legislation Tuesday that would make the lowered individual tax rates included in the Tax Cuts and Jobs Act permanent.
Cruz introduced the bill to coincide with the deadline for individuals to file their income tax returns to the Internal Revenue Service for the previous year, according to a press release from his office.
The senator, who is running for reelection this year, declared that individuals in Texas and all across the nation were reaping the benefits of tax reform. Cruz also applauded the revived sense of economic confidence that has been evident since the lowered rates were implemented.
“We’re seeing enormous benefits as a result of the historic tax cuts passed last year,” Cruz said. “The Texas economy is booming, and even on Tax Day, there is a renewed optimism and energy throughout the state.”
The tax reform package, championed by President Donald Trump, slashed personal income tax rates across the board, doubled the standard deduction, and cut the corporate tax rate to 21 percent. In order to pass the bill through the Senate without Democratic support, however, GOP lawmakers had to ensure the bill abided by Senate rules and would not add to the federal deficit outside of 10 years. The individual tax cuts were, as a result, scheduled to expire in 2025 with the intention that Congress would vote to extend the cuts before their expiration. read more
In 1862 we had 2 tax brackets: 3% and 5%. I’m not for making anything permanent until taxes are reduced to 5% or less.
Something that far down the road is more theater than constructive.
I hope he publicizes the hell out of this – let’s see the Dem Senators argue against it, and if they vote in favor that just validates Trump’s tax cut.
Good. Now work on cutting spending. DRASTICALLY. Reward all those on the inside who come up with ways to cut spending. Guaran-damn-tee you that all insiders are aware of government waste.
I had my accountant file the usual extension since amended 1099s seem to always trickle in well into April. Not waiting till the last minute would almost certainly require a corrected return on my part so why risk the additional expense.
Tax rates are lower but the process is still as complex as ever. My taxes are not complicated – retirement income, investments with a few K-1s, and a minimum number of deductions. Years ago I prepared them myself but don’t even attempt it anymore. They certainly won’t fit on a postcard. Thanks for nothing GOP.
Sure. Pass a law and make the cuts permanent. Then the Dems and RINO’s take over and pass a law raising them again.
Nan will just lie about it again, anyway.
Make them permanent at 10%, regardless of income level. Rich or Poor, we all pay the same RATE.
This is what Equality looks like.