Sen. Ted Cruz issued a warning for Republicans Thursday: If they are not careful, the tax reform push could turn into a redux of the George W. Bush tax cuts.
One outcome of the current legislative effort is “Bush tax cuts-light,” the Texas senator said at the Capitol.
“If all else fails we probably fall back into that. My hope is we go bigger and bolder than that,” Cruz said.
Straightforward, temporary tax cuts “would be a good outcome. If we did that, everyone would be happy, it’d be good for the economy, it would be positive,” Cruz said, before explaining that it would not necessarily be better politically than pursuing a comprehensive tax reform.
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For his part, Cruz said a priority in the tax bill is allowing businesses to immediately write off all new investments, a policy known as full expensing. Cruz said expensing accelerates economic growth by encouraging business investment.
The joint tax reform framework announced last week by the Trump administration includes partial expensing for five years.
Cruz called that provision a “step in the right direction, but I think it should be full and permanent.”
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Ted Cruz warns Republicans: Tax push could turn into "Bush tax cuts-light" https://t.co/qyRnCgzGa7 pic.twitter.com/ekSpNrVhQb
— Washington Examiner (@dcexaminer) October 5, 2017
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