Originally Posted by
ThumbsUp
You remember why it was only valid until 2025, though, correct? It will sound very familiar. It was a result of having to use reconciliation to pass the bill. Such is the way of our government nowadays. The same will likely be true of any legislation for the foreseeable future until a party has a supermajority in Congress.
I'd have to get deeper in the weeds to investigate that claim. The corporate taxes do not expire, so at its face, the idea that reconciliation barred permanent changes seems like misdirection- which the PR job on this bill had plenty of.
The individual tax cuts were scheduled to phase out right after what would have been the end of Trump’s second term. It was widely seen at the time to be a thinly veiled attempt to keep the middle class placated while locking in permanent corporate tax cuts. The corporate rate was Paul Ryan’s baby, and I don’t doubt he would have preferred to leave individual taxes right where they were; but to get Trump on board, he had to give him something that allowed him to claim victory for the common man. What they gave him was a smoke & mirrors tax “cut” for the middle class that would expire shortly after he would leave office (considering 2 terms)- making it the next POTUS’ mess to clean up.