Since President Reagan’s tax overhaul effort over 30 years ago, lawmakers are finally ready to give American taxpayers and businesses a long-awaited gift, and maybe just in time for the holiday season– big tax cuts and a simpler tax code!
Last Thursday, the U.S. House of Representatives finally released their long-awaited tax reform bill—the Tax Cuts and Jobs Act (H.R.1). The bill lowers business tax rates, makes filing taxes easy and simple, doubles the standard deduction for middle class families, and closes special interest loopholes so that everyone pays their fair share.
This tax reform bill is just what America needs. It will boost American businesses and the economy, create jobs, and increase wages for American families. Tax reform will save the average family $2,598 per year—that’s some real money to pocket! In fact, after the bill release, a new study done by the Tax Foundation found that “the plan would significantly lower marginal tax rates and the cost of capital, which would lead to 3.9 percent higher GDP over the long term [and] 3.1 percent higher wages.”
Congress took a big, important step last week toward pro-growth tax reform. But the release of their bill is just the beginning step on the path to ensuring the bill is passed and signed into law before the end of the year.
Today, the House Ways & Means Committee has a started the long process of marking up the bill, but we’re hopeful the Committee will come together to make improvements to the bill and pass it out of their committee this week. Next, the bill can be voted on the House floor as soon as next week!
As Congress is getting to work on this critical pro-growth legislation, we’re telling Congress to support American workers and businesses and pass tax reform now!
We’re also joining in on the conversation using #taxreformnow and #TCJA.
For the first time in 31 years the stars are aligned for real tax reform – we cannot let this once-in-a-generation opportunity pass us by.