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ICYMI: Bipartisan Tax Bill Cements President Trump’s Legacy

March 25, 2024

WASHINGTON, D.C. – The House of Representatives succeeded in passing a pro-growth tax bill that extends some of the best provisions in President Trump’s 2017 tax law and the Senate must follow its lead, writes American Principles Project Policy Director Jon Schweppe in an op-ed with the Washington Examiner.

Lower taxes unleash a stronger economy that benefits everyone:

“Conservatives have always rejected on principle the progressive argument that tax cuts inflate the deficit. Returning dollars back to families and businesses isn’t ‘spending’ — it’s less taxation. And less taxation typically comes with the benefit of unleashing a stronger economy that benefits everyone. Most Republicans understand this. That’s why the GOP-led House passed a bipartisan bill in resounding fashion earlier this year to extend some of the best provisions in Donald Trump’s 2017 tax law.”

The Tax Relief for American Families and Workers Act represents months of due diligence that cements President Trump’s legacy in a bipartisan way:

“The committee worked for months to put together a bill that built on Trump’s tax legacy while appealing across party lines. It was such a well-crafted bill that it earned the support of 357 members of Congress, ranging from members in the House Freedom Caucus to the Congressional Progressive Caucus, two sides that rarely see eye to eye. If passed, families would benefit not only from maintaining the current child tax credit amount of $2,000 per child, which would be pegged to inflation, but also from enhanced refundability. Meanwhile, businesses would benefit from the extension of key pro-growth provisions, such as restoring the immediate research and development deduction, extending the business interest cost deduction, and extending 100% bonus depreciation.”

The positive economic impact of 2017 GOP Tax Cuts brought Democrats to the table:

Trump’s tax reform had a tremendous effect when it was passed in 2017. Democrats coming to the table to extend some of the law’s key provisions is evidence of that. Under Trump, the economy roared – businesses enjoyed record profits, real wages increased considerably, all while inflation was kept in check.

“This should go beyond partisan politics.”

Read the op-ed here