On the recordFebruary 4, 2021
this amendment simply makes permanent the individual and small business tax rate reductions and reforms from the TCJA. The Tax Cuts and Jobs Act, the TCJA, gave American workers and families more cash in their pockets by significantly lowering individual tax rates, nearly doubling the standard deduction, and doubling the child tax credit. For American businesses, the TCJA lowered the tax rate and provided parity for small businesses operating in passthrough form. It also encouraged investment in the United States through the immediate expensing of property and equipment. From the beginning of the previous administration up to the beginning of the pandemic early last year, the economy added more than 7 million jobs. Every U.S. metropolitan area had enjoyed income gains in 2018. Low-income workers were experiencing the highest wage growth in nearly a decade. We need to give our economy its best shot at recovering to prepandemic levels. This means strengthening that pro-growth policy we have put into place by making permanent these expiring tax provisions from the TCJA. The PRESIDING OFFICER. The Senator's time has expired. The Senator from Oregon.
