Nov 02, 2017
House Tax Bill Makes Many Positive, Pro-Growth Reforms to Unrig the System
Post by Freedom Partners
Arlington, VA — The U.S. House of Representatives today released legislative text to reform the nation’s tax code. The bill, officially introduced as The Tax Cuts and Jobs Act, has room for improvement, however, it contained many positive provisions that would help lead to a simpler, fairer and flatter tax code and deliver historic tax relief for the middle class and ordinary Americans.
The bill importantly reduces the corporate tax rate from an uncompetitive 35-percent down to 20-percent, provides significant tax relief for individuals, and eliminates or reforms many carve outs, deductions and loopholes that were rigging the system in favor of well-connected special interests, and against ordinary Americans.
Freedom Partners executive vice president James Davis issued the following statement:
“The House tax plan released today contains many positive provisions that will go a long way toward unrigging the economy and delivering a simpler, fairer and flatter tax code that works for everyone. Americans will benefit from more jobs, higher wages, more take home pay and better financial security in a growing economy. There are, however, several areas where we hope to work with Congress to help improve the overall legislation.
“One particular provision, if left unaddressed, could saddle consumers with higher costs and undermine the economic benefits of the larger bill. We believe that this problem is fixable, and we hope to work with Congress and the Trump administration on a solution that will ensure Americans aren’t burdened with new taxes. Tax reform continues to be our top priority and we’re optimistic Congress will seize this once-in-a-generation opportunity.”
Freedom Partners previously launched a campaign highlighting businesses, lobbyists and politicians that threaten tax reform by trying to protect the rigged system that favors special interests.
- 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.