Today, Members of the Tax Cuts and Jobs Act Conference Committee met to discuss the best ideas between the House and the Senate on pro-growth tax reform. Chaired by House Ways and Means Committee Chairman Kevin Brady (R-TX), the Conference Committee today moved one step closer to finalizing the Tax Cuts and Jobs Act – legislation to overhaul our nation’s broken tax code for the first time in 31 years.
As Chairman Brady said at the start of this historic meeting:
“Today, we’re coming together as a Conference Committee with one singular mission in mind – finalizing the Tax Cuts and Jobs Act, and delivering transformational tax reform for the first time in three decades. …
“This bill is a bold departure from the broken tax code we have today. It reduces tax rates for Americans of all walks of life and delivers the lowest rates in modern history for businesses of all sizes. It provides a modern tax system that is tremendously competitive – one that will leapfrog America to the lead pack among our global competitors and unleash the growth of jobs and paychecks here at home.
“Above all, it makes clear that America’s new tax code will be simple, fair, and focused on helping the American people – who, as President Reagan put it, are ‘the only special interest that counts.’”
House and Senate lawmakers have been working on this legislation for seven years because they know pro-growth tax reform will create jobs, increase paychecks, and make the tax code simpler and fairer for Americans of all walks of life. As Republicans reinforced today, it’s time to deliver on our promise.
In the words of several conferees, here’s how the Tax Cuts and Jobs Act will provide relief to families and small business owners and revitalize our nation’s economy:
Senate Finance Committee Chairman Orrin Hatch (R-UT):
“We are very close to giving working, middle-class families additional help in the form of larger paychecks, an expanded child tax credit, and a simplified system where more than nine in ten taxpayers will be able to entirely avoid the complex and time-consuming process of itemizing their deductions. And, we are very close to achieving the bipartisan goal of reducing our corporate tax rate and fixing our international tax system so that we can grow our economy, keep our businesses competitive in the global marketplace, and keep investment, economic activity, and jobs from moving offshore.”
Congressman Devin Nunes (R-CA):
“We are on the brink of fundamentally transforming our tax system … At the end of the day, we must simply ask ourselves whether we want to stick with today’s complex, punitive, and unfair tax code, or take the courageous step necessary to unshackle our economy to the benefit of all Americans. I will not accept the status quo.”
House Ways and Means Tax Policy Subcommittee Chairman Peter Roskam (R-IL):
“We need a generation of millennials who are coming to fruition and coming to maturity in an economy that is growing and vibrant and dynamic. [Tax reform] is at the foundation of this. … We all long for America to be a strong diplomatic power. In order to do that, America needs to be a strong military power; in order to do that, America needs to be a strong economic power.”
House Budget Committee Chairman Diane Black (R-TN):
“In my home state of Tennessee, the House-passed bill would create more than 18,000 new jobs and allow families to see a nearly $2,000 increase in wages. I mention this to remind everyone that we are talking about real money for real people.”
Congresswoman Kristi Noem (R-SD):
“The plans we’re talking about today deliver that break and put few thousand dollars in these families’ pockets. On top of that, the plans focus on building a healthier economy in which people’s wages can go up and we can see more jobs created in our communities.”
Senator Tim Scott (R-SC):
“Today in America the average single mom makes around $41,000 a year. And when we talk about tax reform for that single mom, we are talking about cutting her tax burden by 75 percent. We’re talking about delivering to her more than $1,400 a year.”
Senator Pat Toomey (R-PA):
“We are just a few weeks away from hopefully having this in law. And when that happens, take a look at your paycheck. Withholding is going to go down, and your take-home pay is going to go up. … It’s really a very dramatic tax reform. It’s a restructuring of our tax incentives that is going to encourage a huge increase in invested capital. … This is terrific policy for the people we all represent.”
In the coming days, Chairman Brady and Members of the Conference Committee will finalize legislation that builds on of the best of the House-passed and Senate-passed Tax Cuts and Jobs Act. The legislation will be available online for the American people to read and understand, and then the House and Senate will cast historic votes to send a final tax reform plan to President Trump.
As Chairman Brady concluded:
“All of our work has brought us to this moment, and we have more important work ahead of us to finalize this legislation. Let’s not waver now – let’s not give in to the Washington status quo – not when tax reform is so close.
“This is our once-in-a-generation opportunity to deliver historic tax reform that we – and the American people – can all be proud of.
“And if we remain committed to the principles that have guided us from the very beginning – going bold, unleashing American competitiveness, and making our tax code simpler and fairer for all Americans – I’m confident we will.”
CLICK HERE to read more about the Tax Cuts and Jobs Act.