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.
This week, the Washington Post’s editorial board called for leadership and tough choices by leaders in Washington in order to spur recovery in the United States. With all of the issues in front of the president and congress, none is more important than getting our country’s economy back on steady economic footing. The Post lays it out by saying, “One political reality [Democrats and Republicans] neither should underestimate is the damage that prolonged economic stagnation can do to the social stability and political consensus upon which democracy ultimately rests, in this country and abroad.” In other words leadership and bipartisanship from both parties is necessary to promote and encourage growth.
This is the reality; the gridlock in Washington continues to strain the economy leaving Main Street with greater uncertainty. Fiscal responsibility is the first step on the path of long-term growth; Washington has to make the tough choices now. Without leadership by our elected officials the economy will remain unstable leading to slow even stalled economic growth. Main Street businesses must plan, economic uncertainty makes it impossible for business owners to do so, further creating a sluggish economy. A strong economy creates a stronger Main Street.
Most Americans – 2 out of every 3 – say they continue to feel the impact of the recession six years later, according to a recent poll by NBC and the Wall Street Journal.
64% said that they feel the impact of the recession today, compared to 71% who said they felt the impact when it began more than six years ago. Less than a 10% decline in those feeling the impact of the recession since it began.
40% said that someone in their household lost a job in the last 5 years.
1 in 3 people said that someone in their household was forced to take a job with significantly lower income.
25% said someone in their house had to take a second job just to pay the bills.
The poll also showed that most Americans – 7 of 10 adults – blame both the President and Congress for stalling the nation’s economic recovery, not some economic trend, according to the poll.
These are sobering statistics that we hope motivate Congress and the President to break the gridlock and work together to enact vital pro-growth reforms—including tax, trade and immigration.
These pro-growth policies are essential to providing Main Street businesses certainty and support and to bringing back confidence in the U.S. economy for businesses to invest, grow, and create the jobs Americans need.
Yesterday Main Street covered a recent poll evidencing widespread discontent with the President, Congress, and the Economy.
But just who exactly make up these discontented people?
“This widespread discontent is evident among just about every segment of the population. Fifty-seven percent of those polled said that something upset them enough to carry a protest sign for one day. That included 61% of Democrats and 54% of Republicans, as well as 70% of adults who identify with the tea party and 67% of self-described liberals. The poll has a margin of error of plus or minus 3.1 percentage points.”
Reforming key sectors of American policy like tax, trade, and immigration, will lead to an economic resurgence and is essential to turning around American politics. Congress now has an opportunity to act – and to lead. Washington must become the example, and pass reforms that aren’t just good politics, but good policy too.