With budget passage under their belts, Congress is prepared to move towards passing comprehensive tax reform with the release of House Republicans’ Tax Cut and Jobs Act, This kicks off the legislative process that will hopefully end with President Trump signing a bill into law by the end of this year.
For too long our high tax rates and complicated tax code have slowed economic growth and hurt American businesses. As NTU Senior Fellow for Fiscal Policy Mattie Duppler notes, “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 Tax Cut and Jobs Act sets the ball in motion for a much needed overhaul of our tax code. Lawmakers in Washington are focused and committed to getting tax reform done as soon as possible – as they should. NTU Executive Vice President Brandon Arnold stated, “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.”
It’s exciting to see this great step towards the first major tax reform legislation since Ronald Reagan was in the Oval Office. All members of Congress should unite behind this tax reform push for the sake of the American people. With a strong consensus in Washington we’re sure to see tax reform move swiftly and successfully, getting our tax code back to promoting growth, and helping American taxpayers and families.