House to Vote This Year on Individual Tax Cut Extension, Ryan Says
According to House Speaker Paul Ryan, the House will hold a vote this year to make individual tax cuts permanent.
The speaker’s comments signal the GOP is going ahead with a plan for phase two of tax cuts.
The GOP’s overhaul of the tax code permanently cut the corporate rate to 21 percent from 35 percent, but most of the provisions for individuals, including lower rates and expanded credits, are set to expire at the end of 2025.
“Tax certainty is very important for keeping this good economic news going, so obviously we believe that’s necessary for economic growth,” Ryan told reporters Tuesday. “We fully intend to make these things permanent, and that’s something we’ll be acting on this year.”
Ryan cited a recent report from the Congressional Budget Office showing that economic growth is projected to accelerate to 3.3 percent this year, thanks in part to the tax cuts. In the decade after 2019, however, average annual economic growth will be slower than last year’s 2.6 percent.