Senate Republicans must take action to extend key provisions from the Trump-era tax bill to make sure families get the help they need.
Conservatives have always rejected on principle the progressive argument that tax cuts inflate the deficit. Returning dollars back to families and businesses isn’t “spending” — it’s lessunderstand this. That’s why the GOP-led House passed a bipartisan bill in resounding fashion earlier this year to extend some of the best provisions inlast month, Sen. Thom Tillis lamented the idea of extending some of Trump’s tax cuts, calling it “fiscally irresponsible and unsustainable.
Maybe that argument would hold water coming from a Freedom Caucus libertarian who wears one of Rep. Thomas Massie’s debt clock pins as a fashion statement. But Tillis is no deficit hawk. Last month, he joined the Democrats to support President Joe Biden’s $95 billion Ukraine supplemental legislation.
The House Ways and Means Committee, led by Chairman Jason Smith , did its due diligence while crafting the Tax Relief for American Families and Workers Act. The committee worked for months to put together a bill that built on Trump’s tax legacy while appealing across party lines. It was such a well-crafted bill that it earned the support of 357 members of Congress, ranging from members in the House Freedom Caucus to the Congressional Progressive Caucus, two sides that rarely see eye to eye.
Meanwhile, businesses would benefit from the extension of key pro-growth provisions, such as restoring the immediate research and development deduction, extending the business interest cost deduction, and extending 100% bonus depreciation.
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