Cruz offers bill to cement individual tax cuts

Cruz offers bill to cement individual tax cuts
© Greg Nash

Sen. Ted CruzRafael (Ted) Edward CruzTed Cruz: 'Fox News went all in for Trump' 2 Republican senators introduce resolution to label antifa as domestic terrorists Ted Cruz: Trump's chances of winning reelection are '50-50' MORE (R-Texas) on Monday rolled out legislation to make permanent the new tax law's cuts to the individual tax rates, and is furthering his campaign for Sen. Bernie SandersBernie SandersPoll: Biden leads 2020 Democratic field by 15 points, followed by Sanders and Warren Warren introduces bill to cancel student loan debt for millions Democrats, advocacy groups urge Pompeo to abolish new 'unalienable rights' commission MORE (I-Vt.) to back the measure.

"I invite Senator Sanders and all of my Democratic colleagues to join me today and make tax rate cuts for hardworking middle class families permanent,” Cruz said in a news release.

ADVERTISEMENT

The new tax law cuts tax rates across-the-board for individuals, but those cuts expire after 2025, while the cut to the corporate tax rate is permanent. The individual cuts were temporary in order to comply with budget rules that allowed Republicans to pass the measure in the Senate on a party-line vote.

Republicans want to cement the individual tax cuts, but legislation to do so would need the support of some Senate Democrats. Sanders said in a CNN interview last month that the new law's middle-class tax cuts are positive but should have been made permanent, leading Cruz to seize on the comments on social media before offering his bill.

However, Sanders said in a statement last month that Republicans have taken his CNN comments "completely out of context" because they "are so desperate to spin their disastrous tax plan." He called the new tax law "one of the worst pieces of legislation in the modern history of our country" because it disproportionately benefits wealthy taxpayers.