This week, the House is scheduled to vote on a final budget resolution – giving the Ways and Means Committee the green light to move forward with tax reform legislation that will be signed into law this year for the first time in 31 years.
“The first action in 31 years since President Reagan’s reforms in 1986 – that begins very quickly. … This keeps us on the timetable to get this to the President’s desk by the end of the year … it’s time to move.”
House Republicans have been working for years on our legislation to overhaul today’s broken tax code, holding more than 40 public hearings since 2011 about how to create jobs, increase paychecks, lower taxes, and grow our economy.
After House Republicans unveiled our blueprint for tax reform in June 2016, the Ways and Means Committee continued to hold hearings with taxpayers, businesses leaders, job creators, and policy experts, to discuss how our pro-growth tax reform policies will:
As John Stephens – the Chief Financial Officer for AT&T Inc. – testified:
“If we’re serious about robust growth, then we must get serious about jump starting private sector investment. And the best way to do that is to fix our broken, last-century corporate tax code. Achieving competitive corporate tax rates is likely the most effective catalyst available to our public policymakers to increase capital investment, create jobs, and increase wages.”
As Juan Luciano – the Chief Executive Officer of Archer Daniels Midland Company – testified:
“This tax reform proposal offers a great chance to provide a climate for reinvesting in America and American agriculture, helping to stop the decline in our loss of market share, once again grow our agricultural footprint, and create millions of American jobs.”
Teresa Meares – a retired patrol officer who now runs a uniform and work apparel business in Florida – testified:
“The complicated nature of the tax code led to misunderstandings and confusion. I lacked the ability to understand or use certain deductions in order to generate cash back into my company. As a result, I overpaid in taxes during those critical years when I needed cash flow to support the growth in my company. When I finally stopped and questioned why I had no cash, while having to pay so much back out, I had to spend $20,000 in legal and CPA fees to understand if I could or could not use certain items as a tax deduction. …
“Having a simplified tax code that focuses on lower and straightforward tax laws would benefit and reward small business owners instead of scaring them away and penalizing those who cannot afford to hire a tax attorney/advisor.”
As Bernard McKay – Chairman of an organization focused on modernizing and simplifying the tax filing process for taxpayers – testified:
“The tax code needs to be sufficiently simplified [so] taxpayers can understand what financial decisions they may make going forward that could minimize their tax bills, optimize their refunds, or, more generally, improve the financial lives of themselves and their families.”
In addition to public hearings, Ways and Means Committee Members have held dozens of meetings with Members on both sides of the aisle to hear ideas, discuss specific policy proposals, and learn what matters most to their constituents.
Building off of these public hearings and Member-driven conversations, in September 2017, House Republicans and the White House and the Senate released a unified tax reform framework that Members of the House and the Senate have been talking about with the workers, families, and job creators in their home districts. This framework laid the foundation for legislation that the Ways and Means Committee will introduce in the weeks ahead, following a final budget agreement.
CLICK HERE to read how tax reform will help hardworking Americans throughout their lives.
CLICK HERE to read how tax reform will help local job creators here at home and around the world.
CLICK HERE to read how tax reform will unleash U.S. competitiveness and create American jobs.