The House Ways and Means Committee on September 13 advanced legislation to cement the individual tax changes in President Trump’s tax law as House Republicans seek to shine a light on their biggest recent legislative accomplishment ahead of the midterm elections.
The bill, part of a package Republicans are calling “Tax Reform 2.0,” passed the committee on a party-line vote of 21-15 after hours of debate between Democrats and Republicans over the value of the measure and the 2017 tax law.
The bill is expected to get a vote on the House floor later this month but isn’t expected to be taken up by the Senate, where it would need 60 votes to pass.
The individual tax changes in the 2017 law—which include the lower tax rates, larger standard deduction, deduction for income from noncorporate businesses and the $10,000 cap on the state and local tax (SALT) deduction—are currently set to expire after 2025. GOP lawmakers made these tax changes temporary in order to pass the 2017 measure under budget rules that allowed the bill to pass the Senate with a simple-majority vote.
Republicans argue that the 2017 tax law has helped boost the economy, and they view making the individual tax cuts permanent as a way to build off the measure they passed last year.
But Democrats on the committee all opposed the 2017 tax law and opposed extending that measure’s tax changes.
They argued that the 2017 tax law primarily benefits the wealthy and adds to the debt and that making the tax changes permanent will only provide more benefits to the rich and increase the debt further. Democrats also called the vote a political exercise ahead of the midterms, noting that the Senate is not expected to take up the legislation.
Read the full article from The Hill.