Dec 20, 2017
Senate Seals Historic Achievement for a Stronger Economy, Restored Prosperity & Greater Opportunity
Post by Freedom Partners
Arlington, VA – The U.S. Senate voted to approve a compromise reached late last week to reconcile differences between the Senate-passed Tax Cuts and Jobs Act and its House companion bill. The tax reform agreement, which would provide tax relief for individuals in every income bracket and make businesses more competitive, will now be sent to the President’s desk to be signed into law pending final approval by the House.
Freedom Partners executive vice president Nathan Nascimento issued the following statement:
“The Senate should be commended for its hard work and commitment to lowering rates, making businesses more competitive and improving the lives of millions of Americans. Hardworking taxpayers have long-struggled under a broken tax code that shrinks their paychecks, tightens their budgets, and makes their futures more uncertain. This is why Congress and the administration promised to enact bold tax relief – and with it the benefits of job creation, more take home pay and greater financial security for Americans seeking to get ahead. A promise made has been a promise kept.”
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 remains committed to rooting out corporate welfare, removing regulatory burdens, reining in reckless spending, and building a brighter and more prosperous future for many years to come. Along with Americans for Prosperity, it 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.