For too long, Washington has set tax policy on a temporary basis, passing stopgap extensions to critical tax policies. In 2001 and 2003, Congress passed significant tax cut packages, but the majority of the provisions in these bills expired within a decade. Lawmakers extended the cuts until the 2012/2013 fiscal cliff crisis. Facing an expiration of all the 2001 individual income tax rate reductions, Congress and the White House cut a deal that raised income, capital gains and dividend taxes for many taxpayers, including some pass-though entities. Congress also fights every year to extend more than 50 tax credits and deductions, including the research and development tax credit, bonus depreciation and Subchapter S company provisions. According to a mid-2015 Grant Thornton poll, more than half of all entities that utilize at least one of these provisions have made investment decisions for 2016 based on the assumption that Congress will not extend them. Making these policies permanent would reduce uncertainty and encourage companies to invest and hire more.