NTU strongly urges all Representatives to vote “YES” on 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. Our tax code has contributed to a weak job market, hampered domestic investment, and encouraged American businesses to relocate operations abroad. H.R. 1 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 into the economy. All of these changes will benefit American workers from across the economic spectrum by creating hundreds of thousands of new jobs and boosting GDP by approximately 3.6 percent, according to the Tax Foundation.
Additionally, H.R. 1 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 immediate benefits to families via a 60 percent increase in the child tax credit, a new family tax credit, and lower tax rates 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 of federal income taxes. 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.