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.
For the rest of this story, visit our content partners at CBNNews.com. Copyright The Christian Broadcasting Network, all rights reserved.
Get Spirit-filled content delivered right to your inbox! Click here to subscribe to our newsletter.
Subscribe to Charisma and join a family of believers that enjoy God's presence and operate in the gifts and the fruits of the Spirit. Live your life in the Spirit!
Woman of God, you are anointed. Step into your destiny and live a life of boldness, power and strength. Get the Anointing Bundle plus 2 Free Gifts. Learn More.
Learn to hear God speak, encounter the Holy Spirit, and soak in His presence. Order the Holy Spirit Series for you and get a FREE set for a friend. View Special Offer.