Dec 16, 2017
Advancing a Historic Achievement for American Competitiveness & Prosperity
Post by Freedom Partners
Arlington, VA — Lawmakers working to reconcile differences between separate versions of the Tax Cuts and Jobs Act passed by the House and Senate have reached an agreement on final legislation. The package would provide tax relief for individuals in every income bracket, lower the rate for U.S. businesses currently paying some of the highest taxes in the industrialized world from 35 percent to 21 percent, and begin the process of unrigging the system set up against ordinary Americans.
Freedom Partners executive vice president Nathan Nascimento issued the following statement:
“Both the House and Senate deserve great credit for advancing a massive improvement on our current uncompetitive and unfair tax code. The president, members of the administration and congressional leaders worked hard to craft a plan that will give hardworking Americans the relief they deserve, bring jobs and investment back to the U.S., and improve millions of lives. This bill is a truly historic achievement and we urge lawmakers to send it to the president’s desk as soon as possible.
“As Americans begin to see the benefits of tax reform in the next year, we will continue our efforts to root out corporate welfare, remove regulatory burdens, rein in reckless spending, and build a brighter and more prosperous future for many years to come.”
History proves that bold tax relief will benefit all Americans. Tax cuts under presidents Kennedy, Reagan and Bush resulted in strong economic growth, billions of dollars more in federal revenue, thousands of dollars more in disposable income and millions more jobs Americans deserve.
Freedom Partners, along with Americans for Prosperity, has long supported efforts to enact pro-growth tax reform which advances the following five key principles for a simpler, fairer and flatter tax code:
- SIMPLICITY:Lower rates, fewer brackets, and the elimination of special loopholes, deductions and exemptions will make tax compliance easier and more affordable.
- EFFICIENCY:A broad-based, low-rate tax system is the most efficient way for the government to collect revenue – causing as little disruption to the economy as possible.
- EQUITABILITY:Corporate welfare and special-interest handouts in the current tax code create an unfair, two-tiered tax system and should be eliminated.
- PREDICTABILITY:Tax certainty is essential to a pro-growth tax system.
- NO BURDEN ON TAXPAYERS:Comprehensive tax reform should be done without placing new burdens on the American people, whether in the form of a BAT, VAT, carbon tax, or otherwise.