This bill — the Permanent Tax Cuts for Americans Act — would make permanent the tax cuts for individuals and families enacted by the Tax Cuts and Jobs Act. The individual tax cuts are currently scheduled to terminate December 31, 2025, at which point taxes would increase to their previous levels.
What is House Bill H.R. 4886?
Cost of House Bill H.R. 4886
In-Depth: Sponsoring Rep. Rodney Davis (R-IL) introduced this bill in January to make the individual tax cuts included in the Tax Cuts and Jobs Act permanent, stating at the time:
“[In February], 90 percent of American workers will see bigger paychecks because Washington will withhold less. I believe these tax cuts should be permanent. 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 was to make this permanent for these families I represent and others. I hope we will see the bipartisan support needed to make this possible.”
This legislation has the support of 60 cosponsors in the House, all of whom are Republicans.
Of Note: A Penn-Wharton Budget Model analysis projected that making the individual tax cuts permanent would increase the national debt by between $573 billion and $736 billion.
Summary by Eric Revell(Photo Credit: Nuthawut Somsock / iStock)
Permanent Tax Cuts for Americans Act
To make permanent certain provisions of Public Law 115-97.
- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on Ways and MeansIntroducedJanuary 29th, 2018
- house Committees