Tax Reform 2.0 Will Help Economy Continue to Thrive

Republicans on Capitol Hill have introduced a package of three bills that would extend provisions of last year’s Tax Cuts and Jobs Act while providing additional tax relief for families and small businesses. The National Taxpayers Union applauds these efforts and NTU President Pete Sepp has offered the following comments in support of the legislation:

"Taxpayers can now see an even brighter future thanks to Tax Reform 2.0. Ways and Means Committee Chairman Brady and his colleagues in Congress have once again earned the gratitude of millions of taxpayers across America. Tax Reform 2.0 will continue the progress toward a fairer, simpler, and less burdensome tax system that began with last year’s Tax Cuts and Jobs Act. Even better, new relief and reform is on the horizon for savers as well as small-businesses -- two parts of American society that are absolutely vital to maintaining the economic momentum that is lifting so many into better lives and greater opportunities. At the same time, Tax Reform 2.0 is key to cementing into place several pillars of tax simplification constructed in last year's law. Making permanent a less complicated standard-deduction-based filing process could save Americans nearly 250 million hours of compliance burdens every year, while extending recent improvements to business expensing could over time deliver massive savings in overhead and red tape.

The next chapter of tax reform is about to be written -- let's get to work!"

The package of reforms are scheduled for consideration by the House Ways and Means Committee on Thursday, September 12. NTU was a leading participant in last year's successful campaign for the Tax Cuts and Jobs Act; recently the organization advocated for Tax Reform 2.0 in a USA Today op-ed here.