Rep. Vern Buchanan (R-FL) is pressing to make the cuts featured in the Tax Cuts and Jobs Act of 2017 permanent. Named the TCJA Permanency Act, the reintroduction of this bill receives support from 72 other Republicans in the House of Representatives, including nearly all of Florida's congressional delegation.
"The biggest things about it," said Rep.Buchanan in an interview with The Floridian, adding that his measure would include a 20% tax cut for small businesses.
When asked about recent comments made by President Biden about raising taxes, Rep. Buchanan stated, "Well they did try to pass in our Committee; they passed it out of our committee about a year and a half ago; when you add all the taxes up... and I'm not exaggerating, it was 46.4 percent Federal. So whether you're an individual, or a small business or medium-sized business, you're paying 46.4%."
According to Buchanan, this does not include additional taxes in states such as New York and California, which adds up to a 60% tax rate.
"Now who in the hell is going to invest in a business if you've got to give up 60%," questioned Buchanan, adding this is precisely why businesses are moving out from those areas.
Other major takeaways of the bill featured in Rep. Buchanan's press release include a permanent lower tax rate for individuals and families. Second, the higher standard deduction will remain in place, " increasing the amount of tax-free income a middle-class family can earn." Third, the child tax credit doubled by the original TCJA will also remain. Finally, the tax filing system will be simplified, reducing the need for itemizing and receipt tracking.
"With Americans continuing to suffer under the weight of record-high inflation and an uncertain economic future, we need to provide some much-needed relief and certainty to hardworking families and Main Street businesses and ensure these tax cuts do not expire," Buchanan says.
As mentioned, this bill has sponsors in nearly all of Florida's Republican Representatives, with the only names absent being Rep. Gus Bilirakis and Rep. Greg Steube.
