Making permanent tax reform’s individual and small business tax cuts is a priority for the Senate’s top tax writer. Senate Finance Committee (SFC) Chairman Chuck Grassley, R-Iowa, wants to see the following Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) provisions made permanent:
- the doubled child tax credit,
- lowered individual tax rates, and
- the 20-percent passthrough deduction for small businesses.
Permanent Tax Policy
“Permanent tax policy provides much needed certainty for families and businesses across the country,” SFC Chairman Chuck Grassley, R-Iowa, said in a January 10 op-ed. “I plan to focus on improving retirement savings, protecting the rights of taxpayers and ensuring the Internal Revenue Service (IRS) is modernized, efficient and doesn’t step beyond its purpose,” he added.
Additionally, Grassley stated that he will prioritize enhancing global competitiveness of U.S. businesses as well as encouraging research, development and innovation. “I have faith that these priorities can be done on a bipartisan basis,” Grassley said. “Last Congress, I introduced legislation with every Democratic member of the Senate Finance Committee, and I want to continue reaching across the aisle to put forward smart and effective legislation.”
Partial Government Shutdown Continues
However, the partial government shutdown appears to remain on its path toward the longest is U.S. history. Democratic and Republican lawmakers continue to disagree about the best way forward in reconciling funding for both the federal government and President Donald Trump’s border security request. At press time on January 10, little to no progress in negotiations had been made.
By Jessica Jeane, Senior News Editor