WASHINGTON, D.C. – U.S. Representative Jaime Herrera Beutler helped introduce legislation last week to make the tax cuts signed into law in December permanent for individual taxpayers.
The Tax Cuts and Jobs Act that became law and will help the average Southwest Washington family of four keep $2,385 more of what they earn is currently scheduled to provide tax relief to individuals through 2025. With this new legislation, that individual tax relief would not sunset.
“We passed the Tax Cuts and Jobs Act last year to allow folks to keep more of their money, and to help Southwest Washington families have a little more financial security to save, invest, and plan for the future. Rather than wait until 2025 to extend that tax relief, Congress should make it permanent now,” said Jaime.
Some of the provisions in the tax code which would be made permanent include:
- Modified tax brackets and lower rates;
- Increased standard deduction;
- Improved child tax credit;
- Increased charitable deduction limits;
- Increased estate tax exemption;
- Expansion of 529 Plans to help kids with education costs;
- Newly created deduction for “pass-throughs” (small businesses that submit their taxes via returns designed for individuals)