Last week, the Ways and Means Committee held an 18-hour markup session to discuss a Republican-led bill aimed at expanding the 2017 Trump tax cuts. The proposed legislation seeks to prevent a 22 percent tax increase on American families. The bill promises significant tax relief for average working families, including an additional $1,300 tax cut, with annual take-home pay expected to rise by $4,000 to $5,000 and real wages increasing by approximately $3,000.
The bill also includes measures to support small businesses by raising the 199A small business deduction to 23 percent and making it permanent. Additionally, it aims to provide relief for gig workers by eliminating the $600 1099-K reporting threshold previously imposed. The legislation encourages domestic manufacturing through provisions allowing 100% expensing for new factories and improvements.
To ensure taxpayer benefits are directed toward legal American citizens, the bill requires individuals claiming tax credits and deductions to provide a Social Security number.
Congresswoman Miller commented on the bill’s progress: “Ways and Means Committee Republicans are committed to ensuring that American families are once again put at the forefront of our country’s economic policies, rather than foreign governments and illegal immigrants. By passing this tax package through our committee, we are one step closer to securing President Trump’s promises and ushering in a golden age of American manufacturing and economic success. I call on my colleagues in the House of Representatives to pass this bill so that we can continue to work toward getting it to President Trump’s desk.”
