Finance

Cruz offers bill to cement individual tax cuts

Greg Nash

Sen. Ted Cruz (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 Sanders (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.

 

Tags Bernie Sanders Bernie Sanders GOP tax plan Tax cut Ted Cruz Ted Cruz

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