HUTCHINSON, Kan. — First District Congressman Tracey Mann joined 90 other representatives in introducing the Protecting Family and Small Business Tax Cuts Act, a bill that would make permanent the Tax Cuts and Jobs Act (TCJA) of 2017 signed into law by President Trump.
The TCJA included historic tax cuts for American families and small businesses. The average family of four received an annual tax cut of $2,900, while the business provisions helped lead to record levels of new investment and wage growth for employees.
"Prior to the COVID-19 Pandemic, Kansas families and businesses were thriving under the pro-growth policies of the Trump Administration,” Mann said. “TCJA provided more opportunities, greater economic development, and a positive impact on their income. Unfortunately, many of these tax cuts will expire at the end of 2025. Our legislation ensures many provisions of the 2017 tax cuts remain in place, giving Kansans the certainty of lower taxes and better opportunities both now and into the future."
The Protecting Family and Small Business Tax Cuts Act will make the TCJA tax cuts permanent. Key provisions of the bill include:
Making permanent the doubled standard deduction of $12K for individuals and $24K for couples filing joint returns.
Maintaining the ability for homeowners to deduct interest payments on their mortgages.
Maintaining the Medical Expense Deduction to allow the deduction of qualified health care expenses that exceed 7.5% of an individual’s income.
Provides a 20% tax deduction for small businesses.
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