The days of suffering under America’s burdensome tax code are soon to come to an end. Yesterday, members of both the U.S. House of Representatives and Senate aligned with President Trump to reaffirm their commitment to passing the Tax Cuts and Jobs Act by the end of 2017.
The Tax Cuts and Jobs Act is the first comprehensive overhaul of the U.S. tax code drafted in the last 31 years. This legislation is projected to increase our nations GDP by at least 2%, increase wages by at least 4% in the long run and slash business tax rates – for corporations and small-businesses – from the high 30s down to the low 20% range.
Following yesterday’s announcements, the House and Senate will continue working in what is called a conference committee – essentially an opportunity for our representatives to come together and hash out the differences in each version of the tax reform bill creating a cohesive piece of legislation to send on to President Trump.
We are confident that the final version of the tax bill will significantly cut taxes for middle-class families, increase the standard deduction, raise the child and family tax credits, and simplify the code by limiting the number of brackets and reducing the time it takes the average American to fill out their taxes.
Over the next week, leaders in Congress will submit their conference report and soon after we expect to see a historic vote in favor of passing the Tax Cuts and Jobs Act by Christmas –the best gift we could ask for this holiday season.
We urge members of Congress to keep fighting the good fight, and continue working to finally lift the tax burden that has long held back hard working Americans.
Check back on our website for the latest developments.