Jul 20, 2017

Freedom Partners / Americans for Prosperity Report: Bold Tax Relief Powers Jobs & Economic Growth

Post by Freedom Partners

Arlington, VA – Freedom Partners Chamber of Commerce and Americans for Prosperity (AFP) today released a new report providing a historical look at the positive economic outcomes yielded by tax cuts over the past fifty years. The data show that tax cuts expanded opportunity for all, helped improve the lives of millions of Americans, and made America more competitive.

Specifically, bold tax cuts enacted by presidents Kennedy, Reagan and Bush resulted in lower tax rates, millions more jobs, greater economic growth, thousands of dollars more in after-tax income for individuals, and hundreds of billions more in federal revenue.

If Congress insists that tax reform be deficit neutral, it should do so by cutting wasteful spending and closing tax loopholes, special interest carve outs and corporate welfare – not creating new taxes, like the Border Adjustment Tax (BAT). The historic economic benefits of tax cuts outlined in our report should send a signal to lawmakers to ignore the critics and support bold reforms that will provide real relief.

CLICK HERE TO READ THE REPORT

Freedom Partners Senior Research Analyst Michael Decker issued the following statement:

“Our federal tax code is broken—that’s something that every lawmaker in Washington can agree on. But contrary to opponents of tax relief, significant tax cuts have the potential to reignite economic growth and reposition America as a leader in the global economy. Tax reform that lowers rates, creates a more level playing field, and provides greater incentives to save and invest is an economic winner Congress and President Trump can deliver to all Americans.”

Americans for Prosperity Deputy Director of Federal Affairs Mary Kate Hopkins issued the following statement:

“Critics of tax reform have argued for years that tax cuts will decrease federal revenues, favor the rich, or hurt the economy. Not only were they proven wrong, but revenue increased, the economy grew and all Americans reaped the benefits. Americans have grown far too accustomed to a weak economy and stagnant wages — now is the time to change their perspective. History is on the side of bold tax reforms, it’s time for Congress to deliver.”

In the five years following the Kennedy, Reagan and Bush tax cuts, the U.S. economy grew by 5.2-percent, 5-percent, and 3-percent, respectively. Now, it has been over a decade since Congress was able to provide desperately needed tax relief. During this time, lawmakers made thousands of loopholes and carve outs that make our tax code more convoluted and globally uncompetitive, while the economy sputtered at around 2-percent growth under the Obama administration.

Freedom Partners Chamber of Commerce last week launched a new digital campaign encouraging key lawmakers to pass comprehensive tax reform and to reject the harmful idea of placing new burdens on taxpayers. The ads were the latest wave in a multi-million dollar effort announced in May to un-rig the U.S. economy and promote a fairer, flatter and simplified tax code focusing on the principles of efficiency, equitability and predictability – without new taxes on millions of Americans. The announcement was shortly followed by an initial ad campaign by AFP to engage its grassroots resources around comprehensive tax reform and urge action from key members of the Ways and Means Committee. The AFP ads were later expanded to include select members of the U.S. Senate.

BACKGROUND

Freedom Partners Letter to Chairman Hatch, July 13, 2017 READ
Freedom Partners Letter to Chairman Roskam, July, 13, 2017 READ
Freedom Partners Letter to Chairman Brady, May 23, 2017 READ
Freedom Partners Letter to Chairman Brady, May 18, 2017 READ
AFP Letter to Chairman Brady, January 27, 2017 READ
Op-ed: ‘The Brady Tax’ Stands in The Way Of Tax Reform READ
No Such Thing as Chairman Brady’s ‘Made in America’ Tax WATCH
Pro-Tax Reform Coalition Trying to Bury ‘The Brady Tax’ READ
Freedom Partners & AFP BAT Industry Impact Study READ
Freedom Partners & AFP BAT State Impact Study READ
Reuters: Ten U.S. States to Feel Brunt of Proposed Border Tax READ
Meadows: Border Adjustment Tax Jeopardizing Tax Reform READ
DeSantis: Tax Reform Imperiled by Trillion-Dollar BAT READ

###