The House of Representatives on Friday voted for a permanent extension of tax cuts for individuals and unincorporated businesses passed in the GOP tax reform law late last year.
At present, these changes are set to expire in 2025 (or sooner, in some cases), after which tax rates will return to previous, higher levels unless a measure like this is approved. However, the Senate has no plans to consider the extension, suggesting the House vote may be more a campaign tool for GOP representatives than a meaningful policy action.
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