The American Press

<p class="p1">The economic benefits of the Tax Cut and Jobs Act of 2017 have proven the be a roaring success for the U.S. economy with ripple affects such as promoting pay raises and bonuses for many workers and lower utility rates and insurance premiums in some areas.</p><p class="p3">The GDP (gross domestic product) — which is the monetary measure of the market value of all the final goods and services produced in a period of time — hit a robust 4.1 percent in the second quarter of this year, beating expectations.</p><p class="p3">It only makes good common sense to make the TCJA permanent both for the economic good of the country, and to avoid  the disastrous impact of a massive tax increase when the act is scheduled to expire in 2025.</p><p class="p3">The House Ways &amp; Means Committee Chairman, Kevin Brady, R-Texas, recently released the framework for “Tax Reform 2.0” that would make the TCJA permanent.</p><p class="p3">Also the framework provides additional benefits, such as:</p><p class="p3">• Improve the ability for families to save for retirement.</p><p class="p3">• Expand the potential tax-free uses savings accounts to include home schooling, student debt, and apprenticeship fees for learning vocational skills.</p><p class="p3">• New Baby savings by eliminating certain penalties on retirement distributions.</p><p class="p3">• Establish Universal Savings Accounts that would provide savings on numerous expenses.</p><p class="p3">• Allow start-up businesses to deduct more beginning start-up costs.</p><p class="p3">The Tax Foundation, a nonpartisan think-tank, released its analysis of making the TCJA permanent and concluded , “If extended, these provisions would increase the long-run GDP by 2.2 percent, long-run wages by 0.9 percent, and add 1.5 million full-time equivalent jobs.”</p><p class="p3">The report also concluded, “The distributional impact of making the individual side of the TCJA permanent would mean a roughly 1.5 percent increase in after-tax income for every income quintile.”</p><p class="p3">Making the TCJA permanent would additionally bring long-term stability to the economy, and eliminate a degree of uncertainty that could be a real drag on investment for the future.</p><p class="p3">It only makes good common sense to make permanent something that seems to be working so well.</p>Tax Cut & Jobs Act