Congresswoman Tenney Cosponsors TCJA Permanency Act to Make Permanent the Trump Tax Cuts for Individuals and Small Businesses
Washington, DC – Congresswoman Claudia Tenney (NY-22) today highlighted her support for the TCJA Permanency Act to make permanent tax cuts for individuals and small businesses originally enacted as part of the Tax Cuts and Jobs Act (TCJA) of 2017. Tenney supported the passage of TCJA in 2017. Without congressional action, 23 different provisions of the TCJA, which have kept more money in the pockets of hardworking families and small businesses, are set to expire after 2025.
The bill’s lead sponsor is Congressman Vern Buchanan (FL-16), and it is cosponsored by 68 Members of Congress, including House Republican Whip Steve Scalise (LA-01), House Republican Conference Chairwoman Elise Stefanik (NY-21), Ways and Means Republican Leader Kevin Brady (TX-08), and Republican Study Committee Chairman Jim Banks (IN-03).
In 2017, with Tenney’s strong support, Republicans enacted the TCJA to lower taxes for families and small businesses, make American companies more competitive on the world stage, and grow the American economy, all while giving Americans the ability to make decisions about how to spend their hard-earned money.
The TCJA reduced taxes on middle-income families and small businesses, created nearly five million domestic jobs in the two years after its passage, and delivered the lowest unemployment rate in 50 years. Furthermore, according to the nonpartisan Congressional Budget Office, the TCJA reduced federal tax rates for families across every income level while actually increasing the share of taxes paid by the top 1 percent of American households.
“As a member of the 115th Congress, I was honored to support the passage of President Trump’s tax cuts, which put more money into the pockets of hardworking Americans, helped our small businesses to grow, and created millions of American jobs,” said Congresswoman Tenney. “The TCJA also made American companies more competitive on the global stage after having been punished by burdensome taxes and regulations and unfair trade deals, all of which have had a devastating impact on upstate New York. As we try to recover from the impacts of President Biden’s disastrous economic policies, the TCJA Permanency Act will ensure middle-income families and small businesses are not hit with another Biden Tax Hike.”
Specifically, the TCJA Permanency Act permanently lowers tax rates for individuals and families, preserves the 20 percent deduction for small businesses, maintains the higher standard deduction, locks in the doubled child tax credit, and permanently simplifies the tax filing process.
The full text of the bill is available here.
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