MI HR0320

Urges Congress to permanently extend the Tax Cuts and Jobs Act of 2017 (TCJA) with accompanying spending reductions to prevent federal tax increases.

Cites TCJA achievements including $1.5 trillion in net tax cuts, historically low unemployment rates, increased business investment, and $6,000 increase in real median household income over two years.

Notes TCJA reduced individual income tax rates for all income levels, nearly doubled the standard deduction, reduced the Alternative Minimum Tax, and capped the state and local tax deduction at $10,000 annually.

Highlights that the TCJA reduced the corporate income tax rate from 35 percent to 21 percent, bringing the United States to the average among Organization for Economic Co-operation and Development member nations.

Warns that expiration of TCJA provisions after December 31, 2025 would result in significant federal tax increases on over 100 million American taxpayers, reduced competitiveness, and fewer jobs.