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Cruz offers bill to cement individual tax cuts

Cruz offers bill to cement individual tax cuts
© Greg Nash

Sen. Ted CruzRafael (Ted) Edward CruzMcSally, staff asked to break up maskless photo op inside Capitol Capitol's COVID-19 spike could be bad Thanksgiving preview Republican senators urge Trump to label West Bank goods as 'Made in Israel' 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 SandersFive House Democrats who could join Biden Cabinet Biden names John Kerry as 'climate czar' in new administration In the final chapter of 2020, we must recommit to repairing our democracy 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.

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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.