Sen. Cruz Introduces the CREATE JOBS Act

WASHINGTON, D.C. –U.S. Sen. Ted Cruz (R-Texas) reintroduced theCost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Business and Startups(CREATE JOBS) Act. This legislation makes the most pro-growth aspects of the Tax Cuts and Jobs Act permanent.
Sen. Cruz said,“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.”
Companion legislation was introduced in the House by Rep. Glenn Grothman (R-WI-06).
Rep. Grothman said,“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. With the in inflation and economic headwinds weighing on our workforce, I’m proud to join Senator Ted Cruz in introducing the CREATE JOBS Act to invest in American workers and grow our industrial base.”
Tyler Parks, Director of Government Relations at the Tax Foundation said,“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. By building on the most pro-growth elements of the TCJA —namely expensing of investment, and similar treatments like NCRS—this bill will make US industry more competitive and incentivize domestic investment.”
Read the full text of the billhere.
BACKGROUND:
Specifically, this legislation would:
Sen. Cruz has consistently prioritized tax cuts and job access: