Nov 30, 2017

Rubio-Lee Amendment Would Undermine Goal of Historic Tax Relief, Jobs & Economic Growth Promised Under Unified Framework

Post by Freedom Partners

Arlington, VA — Freedom Partners Chamber of Commerce, along with Americans for Prosperity, Generation Opportunity and The LIBRE Initiative, is opposing an amendment to the Senate’s Tax Cuts and Jobs Act proposed by Senator Marco Rubio (R-FL) and Senator Mike Lee (R-UT) that risks fracturing the pro-tax reform coalition and undercutting the positive steps taken by the House and the Senate Finance Committee.

In a letter to all senators, the organizations assert that the Rubio-Lee amendment would undermine the full economic benefits that families would see under the 20-percent business tax rate Congress and the administration promised Americans in the unified framework agreed to earlier this year.

READ THE LETTER HERE

“We continue to strongly support the unified framework and the 20 percent corporate tax rate that the White House has said they would oppose raising. The proposed Rubio-Lee amendment would deviate from that framework by increasing the corporate tax rate beyond 20 percent, undermining the full economic benefits that families would otherwise see. We believe this is the wrong approach.” the letter says.

“Business tax relief is central to the goals of creating jobs and promoting economic growth, and we are concerned that any effort to hold the corporate tax rate above 20 percent will substantially limit our ability to achieve those goals and expand opportunities for all Americans.”

Freedom Partners and Americans for Prosperity 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:

Freedom Partners & Americans for Prosperity: A Vision for Comprehensive Tax Reform

  • 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.

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