CONGRESS FOR VOTERS

RepublicanBill · H.R. 137· House(119-HR-137)

TCJA Permanency Act

Rep. Buchanan
Age: 75 years
Florida
Introduced
1/3/2025
Last activity
1/3/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Vern Buchanan
Cosponsors
Republican - 53Democrat - 0
Taxation
  1. Introduced
  2. In Committee

What this bill would do

The TCJA Permanency Act aims to amend the Internal Revenue Code of 1986 to make specific provisions from the Tax Cuts and Jobs Act permanent. This bill includes changes to individual income tax rates, deductions, and credits for families and businesses. It addresses various tax topics such as student loan discharges, 529 accounts, and ABLE accounts. Additionally, the legislation modifies rules regarding charitable contributions and estate taxes. The bill also includes provisions related to the Alternative Minimum Tax.

Yes· 3 of 26

  • Would people with substantial wealth be better off under this?+7

    The bill substantially increases the estate and gift tax exemption.

  • Would the very wealthiest people be better off under this?+7

    The bill substantially increases the estate and gift tax exemption.

  • Would billionaires be better off under this?+7

    The bill significantly increases the estate and gift tax exemption.

The opposite

  • Does this reduce what the federal government owes?-2

    Tax cuts and increased exemptions generally reduce federal revenue.

  • Does this raise the taxes companies pay?-1

    The bill limits business loss deductions for taxpayers other than corporations.

  • Does this raise taxes on the highest earners?-1

    The bill modifies certain deductions which may affect high earners through limitations on state and local taxes and mortgage interest.