U.S. Senator Ted Cruz has reintroduced the CREATE JOBS Act, aiming to make permanent some of the most growth-oriented aspects of the Tax Cuts and Jobs Act. The legislation is intended to boost investment and support the American workforce.
Senator Cruz stated, “My top priority in the Senate is jobs—and creating more jobs both in Texas and across the United States. Under the Biden administration, business owners and workers across the country faced rising inflation, sluggish economic growth, and strained supply chains. I’m proud to reintroduce this bill to drive investment and support our American workforce.”
The House of Representatives saw a companion bill introduced by Representative Glenn Grothman. He remarked, “The Tax Cuts and Jobs Act (TCJA) delivered major wins for American families and workers, but some of its most powerful tools for growth have already expired, hurting the competitiveness of the manufacturing industry. Wisconsin’s Sixth District is the most manufacturing intensive district in the country, so I’ve seen directly how this affects the hardworking men and women at home. The bottom line is we must make these provisions permanent to support our manufacturers, restore what we know works, and expand policies that strengthen our economy and create jobs across the nation.”
The CREATE JOBS Act has received endorsement from organizations such as the Tax Foundation. Tyler Parks from this foundation commented on its significance: “Among tax legislation introduced this Congress, the CREATE JOBS Act contains the most pro-growth and fiscally responsible tax reform ideas while avoiding saddling businesses with complicated rules.”
The proposed legislation includes measures like applying neutral cost recovery to rental units and commercial structures, making bonus-depreciation provisions permanent, and preserving full-expensing for research and development spending.
Senator Cruz’s legislative efforts have consistently focused on tax cuts and job access. His past initiatives include enacting significant tax reforms in 2017 that provided widespread tax cuts and supporting trade agreements beneficial to Texas industries.
