NTU strongly urges all Members of Congress to vote “YES” on the Conference Report to H.R. 1, the “Tax Cuts and Jobs Act.” This legislation would overhaul our nation’s broken tax code, stimulate economic growth, and provide struggling American families with much-needed tax relief.
Tax reform is our nation’s highest fiscal priority. For too long, our tax code has held back our economy and placed a heavy burden on American workers and job creators. H.R. 1 will make U.S. businesses significantly more competitive by lowering the corporate tax rate from 35 percent to 21 percent, shifting to a territorial system of taxation, and incentivizing capital investment into the economy. All of these changes will benefit American workers from across the economic spectrum by increasing wages and creating new jobs.
Additionally, H.R. 1 will ease the burden of taxation by doubling the standard deduction so that over 90 percent of filers can avoid the complicated process of itemization. It will provide immediate benefits to families via a 100 percent increase in the child tax credit and lower rates on taxable income across the board. Under H.R. 1, a typical family of four will be able to earn just over $56,000 before having to pay a penny in federal income taxes, expanding what is known as the “zero percent tax bracket.” Americans need tax reform and tax relief. H.R. 1 delivers on both counts.
Roll call votes on H.R. 1 will be heavily weighted in our annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Executive Vice President Brandon Arnold at (703) 299-8665