Corporate tax cuts do not need to be extended because they do not expire

On Marginal Revolution, Tyler Cowen quotes from a news report in the Financial times:

There are several investment implications if Trump is back in the White House,” said Jack Ablin, chief investment officer at Cresset Capital. “[Most notable would be] a ‘higher-for-longer’ Fed, as monetary policymakers increase the likelihood that corporate tax cuts will be extended next year.”

Did you spot the error in Jack Ablin’s quote? Neither Tyler nor, as far as I know, any of his many commentators.

The corporate tax cuts, if by that you mean the reduction of the corporate tax rate to 21%, do not need to be extended next year because they do not expire next year. They are one of the few parts of the 2017 tax cut that are permanent unless Congress explicitly changes them. And thank goodness for that, because they’re one of the best parts of the 2017 law. (The other is the cap on the deduction for state and local taxes, which expires next year.)

I’ve seen a number of people online claiming that the corporate tax rate cut was temporary. I corrected A Rode writer who made this claim. To his credit, he updated his post to reflect the truth.