TCJA Permanency Act

# TCJA Permanency Act Summary **What It Would Do** The TCJA Permanency Act aims to make permanent the tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA), which are currently scheduled to expire at the end of 2025. The bill would keep lower individual income tax rates, maintain changes to capital gains taxes, preserve certain tax deductions and credits, and continue reduced tax rates on business income and estates. Without this bill, many of these provisions would revert to previous, higher tax rates. **Who It Affects** This bill would impact most American taxpayers, including individuals, families, small business owners, and investors. Middle-class families would see changes to their tax bills, while higher-income earners and business owners would experience significant effects on capital gains and inheritance taxes.

Military personnel and their dependents are also mentioned in the bill's scope. **Current Status** The bill was introduced in the 119th Congress and remains in committee. It has not yet advanced to a vote. Like most tax legislation, passage would require Congressional approval and the President's signature.