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US House Republicans launch new tax cut effort

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According to Market Intelligence, December 2022

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US House Republicans launch new tax cut effort

The main tax-writing committee in the U.S. House of Representatives introduced bills to make the 2017 individual tax rate cuts permanent, but the Senate is unlikely to consider the measures this year.

The individual rate cuts included in the 2017 tax law could not be made permanent when it was passed because of the procedural tool used to get the bill through the Senate. The new legislation would make those cuts permanent, while also cementing in place an increased child tax credit and higher standard deductions.

"Last year we said goodbye to America's old, broken tax code," said House Ways and Means Committee Chairman Kevin Brady, R-Texas, in a statement. "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. Now it's the time to ensure we never let our tax code become so outdated again."

The statement did not indicate when the committee would take up the measures.

The Senate's schedule, coupled with the fact that legislation to make the individual rate cuts permanent would require more votes than the simple majority needed to pass the original bill, means the upper chamber is unlikely to attempt a second round of tax cuts, according to Politico.