Ted Cruz Doubles Down on Trump Tax Cuts
Senator Ted Cruz (R-TX) has doubled down on the GOP-led tax cuts of the last Congress. Earlier this month, the Senator reintroduced his bill to ensure the GOP tax cuts for individuals are permanent -- as of now, most individual income tax and estate tax provisions expire after 2025. Of note: most of the tax cuts Republicans gave corporations are already permanent. The GOP lowered the corporate tax rate from 35% to 21%, and in its first year, the number of companies paying no taxes went from 30 to 60. Cruz’s bill would make permanent an extension of the lower rate for pass-through entities; the increase in the standard deduction; the increase and modification of the Child Tax Credit; the increase in the limitation on charitable contributions; the extension of changes to individual deductions, including SALT; the increase in estate and gift tax exemption; and the increase in Alternative Minimum Tax exemption. "I believe that making the historic tax cuts permanent is a step forward for Congress to deliver on our promises made to the American people,” Cruz said. A reminder: Donald Trump during the closing weeks of the 2018 midterm elections announced a soon-to-come middle-class tax cut -- a 10% tax cut that the White House and congressional leaders were “studying very deeply, round the clock.” The president originally said it would be passed ahead of the midterms but later promised it would come at the start of the new Congress -- it hasn’t. More here.