HR30: HR30 Tax Cuts and Jobs Act of 2017; permanent extension; express support

25 LC 112 2689 House Resolution 30 By: Representatives Clark of the 100th, Gaines of the 120th, Stephens of the 164th, Reeves of the 99th, Hilton of the 48th, and others A RESOLUTION Expressing support for the permanent extension of the Tax Cuts and Jobs Act of 2017; and1 for other purposes.2 WHEREAS, prior to government-mandated economic shutdowns during the COVID-193 pandemic, the Tax Cuts and Jobs Act of 2017 spurred steady econ omic expansion and4 allowed the spirit of entrepreneurship to flourish while creating new jobs and opportunities5 for millions of Americans; and6 WHEREAS, the tax cuts of 2017 resulted in a $1.5 trillion net tax cut and were followed by7 historically low unemployment rates, an increase in business in vestment, and a $6,0008 increase in real median household income over two years, includ ing scores of raises and9 bonuses for workers immediately after the 2017 tax cuts were adopted; and10 WHEREAS, more than 100 million American taxpayers from all inco me groups, but11 especially middle and working class American taxpayers, have enjoyed real tax relief due to12 the Tax Cuts and Jobs Act of 2017; and13 WHEREAS, twenty three provisions of the 2017 tax cuts directly relating to individual14 income taxes, such as the reductions in personal income tax rates, the near doubling of the15 H. R. 30 - 1 - 25 LC 112 2689 standard deduction, and the substantial reduction of the hated Alternative Minimum Tax16 (AMT), will expire after December 31, 2025; and17 WHEREAS, the 2017 tax cuts reduced federal tax rates for households across every income18 level, and this relief resulted in a tax cut of more than $1,500 for the average middle-income19 earner; and20 WHEREAS, prior to the 2017 tax cuts, the top corporate income tax rate in the United States21 was 35 percent, the highest among all nations in the Organization for Economic Co-operation22 and Development (OECD); and23 WHEREAS, the 2017 tax cuts reduced the business tax rate from 35 percent to 21 percent,24 bringing the United States back to average among OECD member nations and dramatically25 enhancing American competitiveness; and26 WHEREAS, the 2017 tax cuts set an annual cap of $10,000 on the state and local tax (SALT)27 deduction, thereby broadening the tax base at the federal level and in many states, which28 caused state level budget surpluses and resulted in many states offering substantial tax relief;29 and30 WHEREAS, if the current $10,000 cap on the SALT deduction is al lowed to expire after31 December 31, 2025, the federal tax base will be narrowed; and32 WHEREAS, returning to an unlimited SALT deduction would be an i ncentive for many33 states to once again implement higher taxes and spend at higher levels; and34 H. R. 30 - 2 - 25 LC 112 2689 WHEREAS, a majority of Americans support making the 2017 tax cuts permanent; and35 WHEREAS, allowing the Tax Cuts and Jobs Act of 2017 to expire would result in a massive36 tax increase on hardworking American taxpayers, a significant d ecline in American37 competitiveness, fewer jobs, reduced wage income for workers, and higher prices.38 NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES that39 the members of this body express their support for the permanent extension of the Tax Cuts40 and Jobs Act of 2017 with commensurate federal spending cuts to avoid increasing the41 United States' debt burden.42 BE IT FURTHER RESOLVED that the Clerk of the House of Representatives is authorized43 and directed to make appropriate copies of this resolution avai lable for distribution to the44 public and the press.45 H. R. 30 - 3 -