he House today passed “Tax Reform 2.0” legislation (H.R. 6760) that would make permanent the 2017 tax cuts for individuals and certain pass-through businesses – currently set to expire at the end of 2025.
The House today passed “Tax Reform 2.0” legislation (H.R. 6760) that would make permanent the 2017 tax cuts for individuals and certain pass-through businesses – currently set to expire at the end of 2025.
- As GOP policymakers seek to highlight last year's Tax Cuts and Jobs Act (P.L. 115-97) as their signature achievement before the November mid-term elections, today's bill passed on a mostly partisan vote of 220-191. Among the provisions in H.R. 6760:
- Individual marginal rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37%;
- Capping the deduction for state and local taxes (SALT) at $10,000; and
- a 20% tax deduction for the business income of certain pass-through businesses.
- "By making the new code permanent for families and small businesses, the Protecting Family and Small Business Tax Cuts Act will keep America’s economy booming," House Ways and Means Committee Chairman Kevin Brady (R-TX) said on the House floor.
- The House on Thursday passed two other tax bills (H.R. 6756 and H.R. 6757) that would expand incentives for retirement savings and startup businesses. All three bills now go to the Senate, where chances to pass H.R. 6760 are unlikely without support from Democrats.
- Also today, President Trump signed a spending bill that funds most government programs through Sept. 30, 2019 while extending others via a “Continuing Resolution” until Dec. 7. Funding for those programs was scheduled to expire on Sunday at midnight. (White House Statement, Sept. 28)
- Among the programs extended for another year is the EB-5 immigration investment program – the 14th extension since Sept. 2015.
As the confirmation process for President Donald Trump’s Supreme Court nominee Brett Kavanaugh dominated the Senate this week, the House adjourned today until after the midterm elections. (Politico, Sept. 28).