House Ways and Means Committee Chairman Jason Smith today introduced the American Families and Jobs Act, which would make major changes to the tax code, saving Americans on their taxes every year while promoting business investment in the economy. NTU Executive Vice President Brandon Arnold issued the following statement:
National Taxpayers Union applauds the introduction of the American Families and Jobs Act by House Ways and Means Committee Chairman Jason Smith (R-MO). At a time of great economic uncertainty, it’s imperative to make sure that the tax code does not unfairly punish American families and businesses. This bill would make several enormous improvements to the tax code. To help families, it provides a hefty $4,000 boost to the standard deduction, which was doubled by the Tax Cuts and Jobs Act of 2017. To improve American competitiveness, it restores much-needed broad incentives for businesses to invest in our economy, such as improved cost-recovery measures for capital investments, R&D, and interest expenses.
It would also scrap the ill-advised 1099-K reporting requirement that is scheduled to take effect in January to the great detriment of taxpayers who utilize Venmo, PayPal, Ticketmaster, and many other third-party payment vendors.
Chairman Smith has put together an excellent package of pro-taxpayer provisions. We look forward to working with the Chairman and other Members of Congress to refine the bill, including ensuring that it will not add to the deficit.
NTU will closely monitor how the American Families and Jobs Act develops on Capitol Hill.