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New Legislation Could Permanently Lock in Tax Cuts

The three-bill package also deals with expanding retirement savings accounts. (401(k) 2012 via Flickr)

With midterm elections looming on the horizon, House Republicans have introduced a package of bills that would, among other things, make their individual tax cuts permanent.

Under last year's $1.5 trillion tax cut, the corporate tax rate was permanently lowered from 35 percent to 21 percent. Individual tax rates, however, were scheduled to expire at the end of 2025.

The law was written that way to accommodate budget rules so it could pass with just a simple majority since no Democrats supported it.

The new legislation would lock in tax cuts for both individuals and small businesses.

"Last year, we said goodbye to America's old, broken tax code," House Ways and Means Committee Chairman Kevin Brady, R-Texas, said while introducing the new bill. "Under our new system, we're seeing incredible job growth, bigger paychecks and a tax code that works on behalf of families and American businesses."

In addition to individual tax cuts, the legislation would also make other provisions permanent, like the increased standard deductions, rates for pass-through income, child tax credit and caps on state and local tax deductions.

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