Center for Freedom and Prosperity
For Immediate Release
Monday, December 18, 2017
CF&P Joins Coalition Supporting Tax Cuts and Jobs Act
(Washington, D.C., Monday, December 18, 2017) – A coalition of 36 free-market groups, including the Center for Freedom and Prosperity, is urging support for the Tax Cuts and Jobs Act (TCJA) Conference Report. The NTU-led coalition letter finds that “The Conference Report to H.R. 1 is a pro-growth, pro-family, and pro-worker legislative proposal.”
Final votes in the House and Senate, plus President Trump’s signature, are all that remain before the realization of decades of hard work on tax reform. The slashing of the corporate rate and the move to a territorial system for businesses will finally allow the U.S. to stand toe to toe with other developed nations that have long realized the benefits of competitive corporate tax rates. No longer will U.S. businesses be driven overseas by confiscatory taxes and perverse incentives. These pro-growth reforms will benefit workers in the form of higher wages and additional job opportunities.
On the individual side, across-the-board cuts will provide relief for the vast majority Americans in every income group. The doubling of the standard deduction and caps on the mortgage interest and state and local tax deductions reduce the negative impact these distortions have on the tax code. Unfortunately, Americans living overseas remain burdened by citizenship based taxation and a draconian financial surveillance regime due to the failure to take up Sen. Paul’s FATCA repeal amendment.
No legislation is perfect after going through the give-and-take of the political process, but the TCJA nevertheless represents a giant step forward that deserves Congressional support. After it passes, Congress can and should build on the momentum next year by addressing the remaining problems in the tax code with additional reforms.