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Senate Should Support "Once-In-A-Generation" For Tax Reform

by Brandon Arnold / /

NTU strongly urges all Senators to vote “YES” on 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. Our tax code has contributed to a weak job market, hampered domestic investment, and encouraged American businesses to relocate operations abroad. The Senate bill would address many of the inequities in the current code by cutting our corporate tax rate to 20 percent, shifting to a territorial system of taxation, and incentivizing capital investment in the economy. Smaller businesses will also see tremendous economic benefits through lower tax rates, the creation of a special deduction for “pass through” entities, and expanded cost-recovery mechanisms. These changes will benefit American workers from across the economic spectrum by creating hundreds of thousands of new jobs and boosting GDP by approximately 3.7 percent, according to the Tax Foundation.

For families and individuals, the legislation will ease the burden of taxation by doubling the standard deduction so that over 90 percent of filers could avoid the complicated process of itemization. It would provide Americans with much-needed tax relief by doubling the child tax credit and lowering rates across the board. It’s been decades since Congress overhauled and simplified the tax code. This legislation offers a once-in-a-generation opportunity to do so and is a critical step forward in the legislative process.

Roll call votes on the Tax Cuts and Jobs Act will be heavily weighted in our annual Rating of Congress and a “Yes” vote will be considered the pro-taxpayer position.