NTU STATEMENT ON THE TAX CUT AND JOBS ACT:
Today the House is making history for taxpayers, by committing to complete the first major overhaul of our hopelessly convoluted tax system in more than 31 years. And not a moment too soon. Our families, our job creators, our competitive standing around the world, and our economic potential continue to be held back by a burdensome tax code. By reducing rates, closing loopholes, simplifying the laws, and phasing out nuisances like the death tax, the proposal introduced today is a solid start to the most vital discussion facing this Congress. But it is certainly not the end of that discussion. Just as we did over 30 years ago, NTU will have a key role in crafting a final tax reform package that fulfills its potential and keeps its promise to taxpayers. Forward! - Pete Sepp, President, National Taxpayers Union and Foundation
House Republicans have wisely focused attention on our most important fiscal priorities: helping struggling American families succeed in today’s economy and making our job-creating businesses more globally competitive. Much work remains ahead, but NTU is encouraged as tax writers continue to make progress toward a simpler, fairer tax code that promotes economic growth. - Brandon Arnold, Executive Vice President, National Taxpayers Union
The Tax Cut and Jobs Act of 2017 signals that Republicans in the House of Representatives take seriously their responsibility to foster an economy that works for all Americans. The reforms proposed in this legislation can unleash our country’s economic potential that has suffered under an complex and burdensome tax code for too long. Pro-growth tax reform must provide certainty for American businesses and families and this bill marks a significant step forward in securing lasting confidence 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 “Tax Cuts and Jobs Act”:
- Doubled standard deduction, expanded child credit, and new family tax credit mean a family of four won’t have to pay taxes on their first $55,667 of income (median household income in 2016 was $57,617)
- Lower rates for all lower and middle income individuals and families
- Limit on deduction for mortgage interest for larger, more expensive homes
- New 25 percent rate for larger pass-through businesses. Smaller pass-throughs will benefit from the reduction in individual tax rates
- Permanent 20 percent corporate rate
- Full repeal of death tax after phase-in period
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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
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
Tweets
- Tax reform means first ~$55k in income would be tax-free for family of 4 ow.ly/JXcQ30gjeeW
- Americans spend 7 billion hours trying to comply with the tax code. Increased standard deduction + AMT repeal + simplicity eliminates compliance costs & complexity ow.ly/JXcQ30gjeeW
- Congress now has a historic opportunity to ensure that death is no longer a taxable event ow.ly/L2eG30gb7Lb
- Less than 1% of federal revenue comes from the death tax but it costs taxpayers thousands to comply with it. https://ow.ly/L2eG30gb7Lb
- Easy math: #taxreform should be smart + simple: https://goo.gl/KRarHr
- The average middle-class family of four making $59k will get a $1,182 tax cut under the Tax Cuts & Jobs Act.
- "After decades of laying out the case for a smarter, less expensive, less complex code, the time has come"- @amoylan ow.ly/JXcQ30gjeeW
- "The reforms proposed in this legislation can unleash our country’s economic potential"- @MDuppler Read more here: https://ow.ly/c5lk30gje3J
- "NTU is encouraged as tax writers continue to make progress toward a simpler, fairer tax code @BrandonNTU https://ow.ly/8wnz30gjdOq
- "The bill introduced today is a great start to the most vital discussion facing this Congress."- NTU's Pete Sepp. https://ow.ly/xMSI30gjdIz
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)