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Lawmakers, small-business owners press Congress to make 2017 tax cuts permanent to avoid 'massive tax hike'
Summary
A joint House–Senate hearing heard business owners and analysts say expiring Tax Cuts and Jobs Act provisions — including the pass-through deduction, bonus depreciation and R&D expensing — would raise taxes on small firms and slow investment; Democrats and some witnesses urged reforms and targeting rather than a straight extension.
A joint hearing of the House and Senate small-business committees on Thursday centered on calls to make the Tax Cuts and Jobs Act of 2017 permanent so small businesses would not face what witnesses and Republican lawmakers called a “massive tax hike.” Chairman Williams said, “Extending small business tax cuts will drive growth on Main Street America.”
The hearing featured small-business owners and tax experts who told lawmakers that several TCJA provisions that benefit pass-through businesses and capital-intensive firms are set to expire and that expiration would reduce investment and could mean higher taxes for workers. The stakes were framed in broad terms by Chairwoman Ernst: “If we let the TCJA expire now, Americans and small business owners will be forced to shoulder another $4,000,000,000,000 in new…
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