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.
The bill's supporters cast it as a necessary move to maintain economic growth. "It's critical we keep this strong momentum going," said House Ways and Means Committee Chair Kevin Brady (R-Texas), arguing the measure would "keep America's economy booming and middle-class families growing again."
The committee's ranking Democrat, Rep. Richard Neal (Mass.), pushed back with the contention that lessening revenue via "tax cuts for the wealthy" will undermine entitlement programs and prove Republicans "are hardly the party of fiscal rectitude or conservatism."
All but 10 House Republicans supported the extension; just three Democrats voted yes. Bonnie Kristian