The temporary tax cuts approved in December 2017 should be made permanent, according to a report by the Senate Finance Committee.
In announcing the report, Senate Finance Committee Chairman Chuck Grassley (R-Iowa) said: “Taxpayers deserve predictability and clarity, and they haven’t received either for far too long on temporary tax policy. As we work toward that goal, we also shouldn’t lose sight of the provisions that expired more than a year and a half ago. That must be a top priority for Congress upon its return in September.”
“Tax policy should not be set a year or two at a time. We need to find permanent solutions that provide certainty to families and businesses,” Ranking Member Ron Wyden (D-Ore.) said. “I appreciate the work of my colleagues and their staff to meet with a wide-range of stakeholders over the past several months and explore options for addressing these policy issues.”
Seventy members of the Senate are co-sponsors of a bill to make permanent the alcohol beverage tax cuts.