Late last week, the House of Representatives finally approved the fiscal 2018 budget, setting a clear procedural path forward for tax reform. This legislative achievement is a huge step on the way to passing tax reform that will grow the economy and raise wages for workers across the country.
Approving this budget is a very encouraging step that Congress has come together and headed down the right path for tax reform legislation to be voted into law before the end of the year. In fact, the House of Representatives is expected to introduce their tax bill tomorrow, November 1!
Business owners and taxpayers across the country are hopeful that the tax legislation is not a “trick”, but a “treat” for the economy – to help businesses to grow and complete and raise wages for American families.
A new study released by the Tax Foundation shows that setting the corporate rate to 20% will allow the average American household to see a pay raise of at least 2.6% – or $1,800 added onto their paycheck at the end of the day. Additionally, this 20% rate would create 592,000 full time jobs. If we delay tax reform any longer, these much needed boosts for the economy will never become a reality.
Additionally, even the newest White House report predicts that corporate tax cuts alone would produce GDP growth of between 3 and 5 percent in as little as three years. So let’s tell Congress to give Americans the Halloween treat it deserves by passing legislation that sets a fair corporate rate that levels the playing field, closes loopholes, and simplifies the process for all Americans!