Press Releases

WASHINGTON – Congressman Vern Buchanan today announced that his legislation to make permanent Republican tax cuts has received the support from more than 100 members of Congress and several leading conservative and business organizations.  

In September, Buchanan introduced the TCJA Permanency Act, legislation to make permanent 23 different tax cuts for individuals, families and small businesses originally enacted as part of the 2017 Republican tax law.

“Inflation is a tax on all Americans, pure and simple. Under President Biden’s cruel economy, inflation is still raging at a 40-year high and Americans are paying the price in the form of increased costs on everything from gas to groceries,” said Buchanan. "The last thing families and Main Street businesses need are more tax hikes, which is exactly what will happen unless Congress takes action to make these tax cuts permanent.”

According to the Tax Foundation, “most taxpayers will see a tax hike unless some or all provisions are extended.” In fact, according to its initial estimates, a single mother of two earning $52,000 would face a $1,500 tax hike in 2026. For a married couple with two children and $85,000 in income, the additional tax bill would be over $1,700 per year.

Cosponsors of Buchanan’s bill include House Republican Whip Steve Scalise, Republican Conference Chairwoman Elise Stefanik, Ways and Means Republican Leader Kevin Brady, House Freedom Caucus Chairman Scott Perry, Republican Study Committee Chairman Jim Banks, Republican Governance Group Chairman David Joyce and 99 other members of the House Republican conference.

The TCJA Permanency Act has also received the support of Americans for Tax Reform, America First Policy Institute, the National Federation of Independent Businesses, Heritage Action, the National Association of Manufacturers, the S-Corp Association, the National Taxpayers Union (NTU) and the American Farm Bureau Federation.

Grover Norquist, founder and president of Americans for Tax Reform said, “This bill makes it clear that protecting the pro-growth tax cuts passed in 2017 remains a top priority for Republicans when they take back Congress… The TCJA Permanency Act will help right the ship and get the American economy growing again.”

Brooke Rollins, president and CEO of the America First Policy Institute, said, “By incentivizing Americans to work, save, and invest, TCJA delivered non-inflationary economic growth benefitting all Americans. AFPI applauds Congressman Vern Buchanan for introducing legislation to extend TCJA fully and permanently. . . This legislation is a key America First priority in the 118^th Congress, and we are committed to working with Congressman Buchanan to get this bill across the finish line.”

Kevin Kuhlman, vice president of federal government relations of the National Federation of Independent Businesses, said, “After the enactment of the Tax Cuts and Jobs Act, the NFIB Small Business Optimism Index soared, providing the highest reading in the survey’s then 45-year history. Small business owners utilized tax savings to expand business operations and increase employee compensation. Unfortunately, the bulk of this tax relief – especially the Small Business Deduction and the lowered individual rates – is scheduled to expire after 2025. As a result, small business owners are heading for substantial tax increases without Congressional action. NFIB thanks Rep. Buchanan for introducing the TCJA Permanency Act, H.R. 8913, making this critical tax relief permanent.”

Chris Netram, managing vice president, tax and domestic economic policy, of the National Association of Manufacturers, said, “After the passage of tax reform, there was a surge in hiring, investment and wage growth in the manufacturing sector. More than 98% of manufacturers are small and medium businesses, many of which are organized as pass-through entities. Making permanent the lower rates and pass-through deduction from tax reform will give manufacturers around the country the certainty they need to continue to drive our economy forward.”

Brian Reardon, president of the S Corp Association, said, “Over the past year, tens of millions of Main Street businesses have been living under the threat of the largest tax hikes in our nation’s history. Now more than ever, American employers need certainty from Washington. By making permanent several tax provisions relied upon by the Main Street business community, the TCJA Permanency Act provides that certainty, and helps ensure these employers have the tools they need to reinvest in their employees and their communities.”

Brandon Arnold, executive vice president of NTU, said, “The TCJA Permanency Act, introduced by Rep. Vern Buchanan with the strong backing of a host of GOP leaders, would ensure that American families and small businesses do not experience a huge tax hike in coming years. NTU is proud to support this important bill and hopes that this will be the centerpiece of a comprehensive approach to improving our tax code, balancing the federal budget, and making it easier for American taxpayers to thrive.”

Buchanan has led five of the six Ways and Means Subcommittees, including as Chairman of the Tax Policy Subcommittee where he oversaw the successful and smooth implementation of the largest overhaul of our tax code in more than 30 years.

 

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