Voters in America Favor Legislators Championing Permanent Tax Reductions
In a significant move, the U.S. Congress has passed the "One Big Beautiful Bill Act" (OBBBA), making many key provisions of the 2017 Tax Cuts and Jobs Act (TCJA) permanent. The legislation, which is expected to be signed into law by President Trump, aims to prevent a substantial tax increase and foster economic growth.
The Senate Finance Committee’s reconciliation bill within OBBBA ensures the permanence of the 2017 tax cuts for families and businesses, averting a $4+ trillion tax hike that would have affected those earning less than $400,000 per year. The bill includes provisions such as the lower tax rate structure, enhanced child tax credit, increased standard deduction, and permanent small business deductions that promote job creation and economic growth.
The bill also permanently increases the estate and gift tax lifetime exclusion amounts starting in 2025 and indexes these amounts for inflation, avoiding a steep reduction scheduled due to sunset provisions. Furthermore, the legislation includes other tax relief and modifications impacting business provisions, international tax frameworks, and curtailing some energy tax incentives.
A national survey conducted by McLaughlin and Associates from February 13-17, 2025, revealed overwhelming public support for making these tax cuts permanent. The survey, which had a sample size of 1,600 likely voters, found that 65% of voters are more likely to support a candidate who votes to make the tax cuts permanent. This support transcends partisan lines, with 81% of Republicans, 55% of Independents, and 53% of Democrats backing the 2017 tax law.
Moreover, majorities favor permanently extending the TCJA, with 64% in support compared to 20% opposed. The survey also showed that 75% support permanently restoring the deduction for R&D expenses, 78% believe the best way to balance the budget is by holding the line on taxes, cutting wasteful spending, and promoting pro-growth policies rather than increasing taxes, and 73% support making full capital expensing and keeping tax rates lower by making the 20% deduction for pass-through business income permanent.
Ashlee Rich Stephenson, a senior political strategist and consultant for the Chamber's website, plays a crucial role in developing and executing external issue advocacy campaigns to support the Chamber's policy and legislative priorities. She advises the Chamber's political programming, including voter education, advocacy, candidate endorsements, and the U.S. Chamber PAC.
The full survey results can be viewed online, providing further insights into the Chamber's tax advocacy efforts. As the 2017 Tax Cuts and Jobs Act's key tax cuts and many of its beneficial provisions have been permanently extended, it remains to be seen how this will impact the American economy in the long run.
- The "One Big Beautiful Bill Act" (OBBBA) permanently extends the tax cuts for families and businesses, averting a $4+ trillion tax hike.
- The legislation includes provisions like the lower tax rate structure, enhanced child tax credit, increased standard deduction, and permanent small business deductions that promote job creation and economic growth.
- The bill also permanently increases the estate and gift tax lifetime exclusion amounts, impacting the tax policy landscape significantly.
- A national survey reveals overwhelming public support for making these tax cuts permanent, with 65% more likely to support a candidate advocating for the law.
- Majorities favor permanently extending the TCJA, with strong support for restoring the deduction for R&D expenses, a balanced budget approach, and making full capital expensing permanent.
- Ashlee Rich Stephenson, a senior political strategist, plays a crucial role in the Chamber's tax advocacy efforts, advising on political programming initiatives.
- The long-term impact of the TCJA's key tax cuts and beneficial provisions, now permanently extended, on the American economy remains to be seen.
