NTU STATEMENT ON THE SENATE’S TAX CUTS AND JOBS ACT:
The Senate has now admirably joined the House in comprehensively addressing the most important fiscal policy challenge of this Congress: redesigning a tax system that is less burdensome for families, more competitive for businesses, and better able to accommodate our evolving economy. The Senate’s package differs in key respects with the House’s, and just as it was in 1986, the process that is now hammering out a bill capable of reaching the President’s desk will be complex and contentious. This is what legislating looks like, and we salute leaders in both chambers for approaching their task with the determination needed to win the best possible outcome for America’s taxpayers. - Pete Sepp, President, National Taxpayers Union and Foundation
The Senate bill brings us yet closer to achieving our nation’s highest fiscal priority: fundamentally overhauling our broken tax code. It is particularly encouraging to see the Senate take bold actions toward eliminating distortionary tax provisions and easing the fiscal burdens on working families. Chairman Hatch and the Finance Committee deserve a great deal of praise for crafting this pro-growth, pro-family legislation. - Brandon Arnold, Executive Vice President, National Taxpayers Union
The release of the tax reform plan from the Senate Finance Committee today shows that both chambers in Congress are serious about fixing the broken tax code. The proposal represents thoughtful leadership from the Senate on reforming our tax code, and builds significantly the momentum catalyzed by the House. This is a monumental step forward in securing meaningful tax reform for all Americans - Mattie Duppler, Senior Fellow for Fiscal Policy, National Taxpayers Union
Every year, Americans waste nearly 7 billion hours and cough up more than $262 billion just to comply with our broken tax code. After decades of laying out the case for a smarter, less expensive, less complex code, the time has finally come to enact the reform that taxpayers need and deserve. We look forward to analyzing the details of today’s plan further, but are encouraged at today’s progress toward lower, simpler taxes that can help create real economic growth. - Andrew Moylan, Executive Vice President, National Taxpayers Union Foundation
Highlights of Senate “Tax Cuts and Jobs Act”:
- Doubled standard deduction and expanded child credit will reduce tax burden for millions of Americans and avoid complicated itemization process
- Lower tax burdens for lower and middle income individuals and families
-Full and immediate expensing of new equipment will spur rapid investment in the economy
-Elimination of state and local tax deduction to deter states from implementing higher taxes
- New simplified deduction for pass-throughs along with enhanced expensing
- Permanent 20 percent corporate rate after phase-in
- Higher exemption, but not phase-out, of death tax
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NTU’s Online Tax Reform Resource Center: (ONE-STOP SHOP for historical perspectives and latest news, TV interviews, and other items on tax reform from NTU and NTU Foundation): https://www.ntu.org
Stop the Tax Attack -- A Project of NTU (Commentaries, analyses, videos and infographics from from entire policy community on tax reform): https://stopthetaxattack.org/
Useful Commentary
NTUF: How Tax Reform Can Level the Playing Field for Small Business
FORBES: SALT Sticking Points Shouldn't Keep GOP From Passing the Budget
AMERICAN SPECTATOR: High Statutory Corporate Tax Rates Drive Cronyism
NTUF: Tax Reform Should Finally End the Death Tax
THE HILL: Chained CPI Is Not a Hidden Tax Increase
AMERICAN SPECTATOR: No, Trump's Tax Plan Doesn't Raise Taxes on Low-Income Americans
THE HILL: Stop pouring SALT into taxpayers' wounds
Television ads
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View the First Series of NTU Ads in Alaska, Maine, Tennessee, and Wisconsin.
Tweets
- “Eliminating the SALT deduction is an important component of comprehensive tax reform, and Congress should not allow political interests to subvert good policy.”- @PolicyWilford https://ow.ly/DgTU30gtvIFa
- The Senate has joined the House in comprehensively addressing the most important fiscal policy challenge of this Congress: redesigning a tax system that is less burdensome for families, more competitive for businesses, and better able to accommodate our economy.- NTU's Pete Sepp
- "The Senate bill brings us yet closer to achieving our nation’s highest fiscal priority: fundamentally overhauling our broken tax code.".- @BrandonNTU
- "The release of the tax reform plan from the Senate Finance Committee today shows that both chambers in Congress are serious about fixing the broken tax code."- @MDuppler
Hashtags:
#taxreform #growthforall #taxreformnow
NTU Tax Experts:
Pete Sepp, President, NTU and NTU Foundation (president@ntu.org)
Brandon Arnold, Executive Vice President, NTU (barnold@ntu.org)
Andrew Moylan, Executive Vice President, NTU Foundation (amoylan@ntu.org)
Mattie Duppler, Senior Fellow for Fiscal Policy, NTU (mattie.duppler@ntu.org)
Demian Brady, Director of Research, NTU Foundation (dbrady@ntu.org)
Andrew Wilford, Associate Policy Analyst, NTU Foundation (andrew.wilford@ntu.org)
Nan Swift, Federal Affairs Manager, NTU (nswift@ntu.org)