House to Make Individual Tax Cuts Permanent

House to Make Individual Tax Cuts Permanent

House to Make Individual Tax Cuts Permanent

US House of Representatives Speaker Paul Ryan, (R-WI), announced Wednesday that the Lower Chamber will vote later this month to make the individual tax cuts signed in December permanent.

President Donald Trump signed the tax bill in December, but the tax cuts it outlined were set to expire after Y 2025. Speaker Ryan and Majority Leader Kevin McCarthy, (R-CA)., said at a press conference that they will have a bill “on the floor” for a vote sometime in September.

Majority Whip Steve Scalise, (R-LA)., added, “We will make those tax cuts permanent.”

The House Ways and Means Committee still plans on making revisions to the bill next week, possibly focusing on the $10,000 limit on state and local tax deductions, also known as SALT deductions.

“I think we can get there,” said Rep. Tom Reed, (R-NY) “We want to make sure members have input and send the message back to their states that hey, we are listening.”

House Republicans had planned to use a 2nd phase of tax cuts to force Democrats into a difficult vote ahead of mid-term elections, and had hit the Pause Button.

Now, the finger is off of the Pause Button and the House is going ahead with making the SALT deductions permanent

The proposal will make the individual changes in last year’s overhaul permanent, including the $10,000 annual cap for state and local tax deductions, one of the law’s most disputed provisions. That would put Republican lawmakers in high-tax states like New York, New Jersey and California in the tricky position of either supporting the cap, or voting against tax cuts backed by their party.

“Tax Reform 2.0” legislation is happening.

Keeping America Great!

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.