Dec 02, 2017
Following Senate Action, Promise of a Brighter Future & Greater Opportunity for All Rests with House & Senate Conferees
Post by Freedom Partners
Arlington, VA – The U.S. Senate today took another step closer to pro-growth tax reform by approving passage of the Tax Cuts and Jobs Act, legislation which would enact a simpler and fairer tax code, make businesses more competitive and provide tax relief for Americans struggling under the rigged system.
The House of Representatives previously voted to approve its own tax reform legislation, which also contained many positive benefits and further advanced the effort of fulfilling the promise of historic reform in 2017. The two chambers will now meet in conference committee to develop a single version on the bill.
Freedom Partners Executive Vice President Nathan Nascimento issued the following statement:
“It’s encouraging to see the strong support for tax reform in the Senate and we hope they carry this momentum into conference and finish the job. While both bills were a massive improvement on today’s uncompetitive and unfair tax code, we’re eager to continue to work with lawmakers to ensure the best aspects of each bill are kept, and the worst never see the light of day.
“To that end, we urge Congress to hold firm to the unified framework and the 20-percent corporate rate that they agreed to in September. That means rejecting the House bill’s harmful consumer tax, ensuring the individual mandate is repealed, and including provisions that strip out billions in corporate welfare that rig the system against ordinary Americans.”
“Accomplishing these goals would be a tremendous victory for all Americans and mark a first step towards unlocking our true economic potential. This kind of opportunity may not come around again for a long time. We can’t afford to squander this moment. Americans deserve the relief they were promised.”
Freedom Partners and Americans for Prosperity recently called on the Senate Finance Committee to resist efforts to attach corporate welfare measures to the Tax Cuts and Jobs Act that would redistribute hundreds of billions of dollars from hardworking taxpayers to select corporations and industries that can afford to lobby for special treatment.
The two organizations have long supported the unified framework agreed to earlier this year and continue to urge Congress and the administration to unite Americans around a positive vision for comprehensive tax reform and advance 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.