HR 30: Tax Cuts and Jobs Act of 2017; permanent extension; express support

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; and for other purposes.

WHEREAS, prior to government-mandated economic shutdowns during the COVID-19 pandemic, the Tax Cuts and Jobs Act of 2017 spurred steady economic expansion and allowed the spirit of entrepreneurship to flourish while creating new jobs and opportunities for millions of Americans; and

WHEREAS, the tax cuts of 2017 resulted in a $1.5 trillion net tax cut and were followed by historically low unemployment rates, an increase in business investment, and a $6,000 increase in real median household income over two years, including scores of raises and bonuses for workers immediately after the 2017 tax cuts were adopted; and

WHEREAS, more than 100 million American taxpayers from all income groups, but especially middle and working class American taxpayers, have enjoyed real tax relief due to the Tax Cuts and Jobs Act of 2017; and

WHEREAS, twenty three provisions of the 2017 tax cuts directly relating to individual income taxes, such as the reductions in personal income tax rates, the near doubling of the standard deduction, and the substantial reduction of the hated Alternative Minimum Tax (AMT), will expire after December 31, 2025; and

WHEREAS, the 2017 tax cuts reduced federal tax rates for households across every income level, and this relief resulted in a tax cut of more than $1,500 for the average middle-income earner; and

WHEREAS, prior to the 2017 tax cuts, the top corporate income tax rate in the United States was 35 percent, the highest among all nations in the Organization for Economic Co-operation and Development (OECD); and

WHEREAS, the 2017 tax cuts reduced the business tax rate from 35 percent to 21 percent, bringing the United States back to average among OECD member nations and dramatically enhancing American competitiveness; and

WHEREAS, the 2017 tax cuts set an annual cap of $10,000 on the state and local tax (SALT) deduction, thereby broadening the tax base at the federal level and in many states, which caused state level budget surpluses and resulted in many states offering substantial tax relief; and

WHEREAS, if the current $10,000 cap on the SALT deduction is allowed to expire after December 31, 2025, the federal tax base will be narrowed; and

WHEREAS, returning to an unlimited SALT deduction would be an incentive for many states to once again implement higher taxes and spend at higher levels; and

WHEREAS, a majority of Americans support making the 2017 tax cuts permanent; and

WHEREAS, allowing the Tax Cuts and Jobs Act of 2017 to expire would result in a massive tax increase on hardworking American taxpayers, a significant decline in American competitiveness, fewer jobs, reduced wage income for workers, and higher prices.

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES that the members of this body express their support for the permanent extension of the Tax Cuts and Jobs Act of 2017 with commensurate federal spending cuts to avoid increasing the United States' debt burden.

BE IT FURTHER RESOLVED that the Clerk of the House of Representatives is authorized and directed to make appropriate copies of this resolution available for distribution to the public and the press.