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
Courtney Manley writes for the National Taxpayers Union.