December 22 was the third anniversary of President Trump signing the Tax Cuts and Job Act. Senate Finance Committee Chair Chuck Grassley is asking President-elect Joe Biden to commit to making permanent many of those tax provisions that helped create the strongest economy in generations and are helping to rebuild the economy while Americans get back to work after COVID-19.
“President-elect Biden ran on rebuilding the nation’s economy that’s been devastated by COVID-19,” he says. “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 Biden’s responsibility to make sure it doesn’t happen on his watch.” Grassley wants to see the lower, more affordable temporary tax rates become permanent in 2021. He says Congress just made permanent several temporary tax policies and provided certainty for businesses to grow and hire.
“Many of the temporary provisions expire during the next administration,” Grassley adds. “Higher taxes would only make things worse. U.S. businesses of all sizes, including farms, should know they won’t face a historic tax hike, so they’ll have the certainty they need to rehire and reinvest in their workforce.”
