Until now, every major proposal to make the 2017 tax cuts permanent has neglected to address the expiration of the most pro-growth piece of the reform: full and immediate expensing.

Full expensing fixes a damaging quirk in the U.S. tax code that raises the cost of investing in America and thus makes it harder to create jobs, increase productivity, and raise wages.

The Tax Cuts and Jobs Act made it easier to invest by lowering the corporate tax rate and letting businesses deduct spending on important investments such as equipment and tools in the same way they currently deduct their spending on employee wages, advertising costs, and rent.

The permanent rate cut received most of the media attention, but the investment rules are equally important, and they’re only temporary. The 2017 law allows 100% expensing for five years, through 2022, then phases it out over the next five years.

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