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Members urge quick extension of 2017 tax cuts, small-business provisions
Summary
House members at a Ways and Means "member day" hearing pressed to extend core provisions of the 2017 Tax Cuts and Jobs Act — from lower individual rates to small-business expensing — arguing immediate action is needed to avoid widespread tax increases for families, farms and Main Street businesses.
Chairman Smith opened the House Ways and Means Committee member-day hearing by framing the panel’s work as urgent: “The committee has been preparing itself for this moment for 2 years, and we are immediately getting to work to advance the agenda of the American people.”
Members across the majority and a number of Republicans who testified told the committee that provisions of the Tax Cuts and Jobs Act (TCJA) signed in 2017 must be extended so families and businesses do not face steep tax increases. They repeatedly cited possible expiration this year of individual rate reductions, the expanded child tax credit elements, the pass-through deduction (section 199A), and immediate expensing for businesses.
Why it matters: Several members warned that letting the 2017 provisions lapse would raise…
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