Today, the House voted in favor of comprehensive tax reform with the passage of the “Tax Cuts and Jobs Act,” 227 to 205. Stop the Tax Attack, along with National Taxpayers Union, applauds the many members in the House that have worked hard to get this bill passed, and taken a momentous step forward.
Over the last several months, House members have worked together not only to improve the current state of our broken tax code, but also to jump-start our nation’s sluggish economy.
The strong and committed efforts of House Ways and Means Committee Chairman Kevin Brady (R-TX) do not go unnoticed. Last night the Chairman took to the floor supporting today’s vote in what was a notable speech:
“The American people have waited years for a fair, simple, and competitive tax code. Right now, in this moment, we stand on the doorstep of delivering… Let’s pass this historic bill and take another step forward in delivering bold, pro-growth, pro-family tax reform for Americans throughout this nation.”
We couldn’t agree with the Chairman more. For the last year, the House has participated in a healthy and refreshing debate on this issue. Now attention will be turned to the Senate to improve upon the example set by today’s historic vote.
The United States’ economy has bounced back from the recession with only record low margins. Thankfully, the comprehensive tax bill passed today and the proposal currently in the Senate will cut the corporate rate to 20%, down from 39% – providing a much-needed cash infusion for small to mid-sized business across the nation. Not to mention, Congress has collectively moved to cut individual tax rates – helping Americans keep more of what’s theirs.
As the Senate prepares to fulfill this once in a generation opportunity, we encourage members to remain committed to comprehensive reform and maintain this momentum driving a tax bill to President Trump’s desk before the year is out.