Sen. Ted Cruz (R., Texas) has introduced a bill that would make the individual tax cuts included in the Tax Cuts and Jobs Act permanent.
Before the Tax Cuts and Jobs Act was signed into law, there were seven tax brackets: 10, 15, 25, 28, 33, 35, and 39.6 percent rates. The tax reform legislation cut those rates to 10, 12, 22, 24, 32, 35, and 37 percent.
While the corporate tax rate was cut permanently to 21 percent, most of the individual tax cuts are scheduled to expire at the end of 2025.
Cruz’s bill would amend the tax code to make the individual tax cuts permanent so they would not expire.