1/30/2018 1:06:00 PM Congressman Davis introduces bill to make new tax relief permanent
Washington, DC — U.S. Rep. Rodney Davis (R-Ill.) on Monday introduced H.R. 4886, the Permanent Tax Cuts for Americans Act, along with 43 cosponsors, to make the individual tax cuts included in the Tax Cuts and Jobs Act permanent. The original tax reform bill passed by the House on November 16, 2017 made the individual rates and deductions permanent, but eventually were made temporary by the Senate to abide by budget reconciliation rules. Currently, these provisions expire in 2025. H.R. 4886 would make them permanent.
"Next month, 90 percent of American workers will see bigger paychecks because Washington will withhold less. I believe these tax cuts should be permanent," said Davis. "In December, Congress passed historic tax relief for millions of Americans who need it the most. Unfortunately, without bipartisan support, the Senate was forced to make these provisions sunset in 2025. Today, we're giving our friends on the other side of the aisle a chance to support permanent tax relief for working Americans. The average family of four making the median income of $78,509 in my district will save $2,224 next year. I want to make this permanent for these families I represent and others. I hope we will get the bipartisan support needed to make this possible."
H.R. 4886 is cosponsored by the following members: U.S. Reps. Mike Gallagher (R-WI),David McKinley (R-WV), Roger Marshall (R-KS.), Robert Latta (R-OH), Andy Barr (R-KY)., Mark Meadows (R-NC), Ann Wagner (R-MO), David Valadao (R-CA), Ed Royce (R-CA), Ralph Abraham (R-LA), Paul Mitchell (R-MI), Drew Ferguson (R-GA), Keith Rothfus (R-PA), Bill Huizenga (R-MI), Tom MacArthur (R-NJ), Martha McSally (R-AZ), John Curtis (R-UT), Bill Johnson (R-OH), Jaime Herrera Beutler (R-WA), Lloyd Smucker (R-PA), Don Bacon (R-NE), Bruce Poliquin (R-ME), Brian Fitzpatrick (R-PA), Bruce Westerman (R-AR), Susan Brooks (R-IN), Mario Diaz-Balart (R-FL), Jim Renacci (R-OH), David Rouzer (R-NC), Dave Joyce (R-OH), John Rutherford (R-FL), Scott Taylor (R-VA), Dan Newhouse (R-WA), Mike Bost (R-IL), Michael Turner (R-OH), Fred Upton (R-MI), Steve Stivers (R-OH), Jeff Denham (R-CA), Mimi Walters (R-CA), Bob Gibbs (R-OH), John Moolenaar (R-MI), Ron DeSantis (R-FL), Evan Jenkins (R-WV), and Mike Coffman (R-CO).
According to Rep. Davis, H.R. 4886 would make permanent the tax provisions for individuals and pass-through entities in the Tax Cuts and Jobs Act, including:
-Lower rates ensure individuals at every income level will see a tax cut.
-Based on IRS numbers, the average family of four making the country's median income of $78,509 will receive a $2,224 tax cut.
-Doubles the standard deduction to $12,000/$24,000, which nearly three in four people in Illinois currently take.
-Doubles the Child Tax Credit to $2,000 with up to $1,400 refundable.
-Retains popular deductions like mortgage interest (capped at $750,000 for new homes), state and local taxes (SALT) (capped at $10,000), medical expenses, and charitable deductions.
-Simplifies so nearly 90% of Americans will be able to file their taxes on a postcard
-A first ever 20 percent tax deduction for small business owners who are the backbone of our Main Streets.