While Americans’ reception of the Tax Cut and Jobs Act (TCJA) remains mixed – depending on which media outlet you believe – republicans are still convinced they didn’t do enough. To that end, House Republicans, last week, announced a new proposal that would add to the TCJA.
Calling it “Tax Reform 2.0,” the new proposals would actually make small-business income deductions, individual tax cuts and a larger child tax credit permanent instead of allowing those tax cuts to expire after 2025.
The package also contains some new proposals that would increase retirement savings and saving accounts for families. The proposed legislation would also make it easier for startup companies to write off their expenses and costs.
While the Tax Cut and Jobs Act was supposed be a tax break for all, many Americans reportedly aren’t seeing much of a difference in their paychecks. Thus, the TCJA has become less popular with taxpayers since it passed. But that hasn’t stopped republican lawmakers from pushing for more.
However, whether or not the new proposals become law might still be an uphill battle. Some republicans are concerned it could hurt their party in the midterm elections. Additionally, so far, the TCJA hasn’t helped boost the economy as much as anticipated. Plus, although the House is pushing for more cuts, the Senate is not expected to consider the bill during 2018.