On the third anniversary of the Tax Cuts and Jobs Act, which was signed into law on December 22, 2017, by President Donald Trump, Senate Finance Committee Chairman Chuck Grassley (R-Iowa) is calling on President-elect Joe Biden to commit to making permanent the many temporary tax provisions that helped create the strongest economy in generations and are helping rebuild the economy and get Americans back to work following the pandemic.
“President-elect Biden ran on rebuilding the nation’s economy that’s been devastated by the pandemic. Families, small businesses and the American economy can’t recover, rehire or grow to their full potential with higher taxes on the horizon. It’s now President-elect Biden’s responsibility to make sure this doesn’t happen on his watch,” Grassley said. “I invite my Democratic colleagues in Congress to work with me and the tax-writing committees in 2021 to make permanent the lower, more affordable tax rates that led to the best and most competitive economy in generations before the pandemic took its toll. Just yesterday, Congress made permanent several temporary tax policies and provided certainty for businesses to grow and hire. President-elect Biden can build on this progress next year. There is more time to act on some provisions than others, but many will expire under the next administration. While the unemployment rate has continued to fall, it remains unacceptably high. Higher taxes would only make the problem worse. And U.S. businesses of all sizes should know they won’t face a historic tax hike so they will have the certainty needed to rehire and reinvest in their workforces. President-elect Biden should commit to never returning to the days where American workers and companies can’t compete with their foreign counterparts.”