Whether we’re ready or not, summer’s over as tomorrow marks the beginning of fall. Kids are back in school, football season has officially kicked off, and race to the World Series is around the corner.
Summer vacation is over for Congress, too. This month, Congress went back into session in Washington to tackle their to-do list. It’s a daunting list, but it looks like tax reform might be at the top.
For one, House Ways & Means Chairman Kevin Brady announced that the so-called “Big 6”, which includes Administration officials and House and Senate leadership, will release a more detailed tax reform document next week. Additionally, the Senate Finance Committee held hearings over the last week to deliberate over corporate and individual tax reform.
These are encouraging signs that Congress is gearing up for serious legislative action on tax reform, but they have to get to other big-ticket items first, including passing their 2018 budget and then drafting a tax reform bill. All the while, the working days are waning to get these things done before the end of the year.
American business and taxpayers have been waiting over 30 years for tax reform—they can’t wait any longer. The economy is betting on Congress to get tax reform done in 2017. But voters are watching Congress’ action, or lack thereof, too, which could have implications for the 2018 mid-term elections.
Tax reform is a grand slam for the economy. According to a new study, tax reform that sets a fair business rate—like the rates being considered by Congressional leaders and the Administration, could boost jobs by 10-15 percent and wages by 15-20 percent. That means more jobs, more take-home pay and a stronger economy for American workers and families!