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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Wednesday, August 02, 2017

Republicans Will Seek To Lower Tax Rates

The Single Most Important Action We Can Take To Grow Our Economy And Help The Middle Class Get Ahead Is To Fix Our Broken Tax Code For Families, Small Business, And American Job Creators’

SEN. MITCH McCONNELL (R-KY): “…just last week, the Administration and congressional leaders — and most importantly the chairmen of the Senate Finance and House Ways and Means Committees — issued a joint statement outlining shared principles for unleashing the American economy through comprehensive tax reform. Comprehensive tax reform represents the single most important action we can take now to grow the economy and help Middle-Class families get ahead. It’s no secret that the current tax code is overly complex, highly punitive, and makes it harder for individuals and small businesses to succeed. Fortunately, we now have a once-in-a-generation opportunity to fundamentally rethink it.” (Sen. McConnell, Floor Remarks, 8/2/2017)
  • “…Republicans are finally united around tax reform. … the statement made clear, congressional Republicans will seek to lower tax rates as much as possible by paying for them by eliminating tax breaks. The tax base will stay the same, but will simply be broader.” (“Republican Tax Reform…” Washington Examiner, 7/29/2017)
SEC. MNUCHIN: ‘This Is About Creating Jobs, This Is About Creating Wage Growth’

TREASURY SECRETARY STEVE MNUCHIN: “This is about creating jobs, this is about creating wage growth, this is about a simpler and fairer tax system.” (“White House Sees Tax Reform Zipping Through Congress In October, November,” Politico, 7/31/2017)

SEN. ORRIN HATCH (R-UT): “As chairman of the Senate’s tax-writing committee, I am committed to ensuring a robust process in the Senate for developing, considering, and passing any tax reform package.  That is how the Senate functions best, and that is what I intend to see happen… The goal of everyone in this body with respect to tax reform ought to be to help the American people by providing tax relief to American families, simplifying the tax system, improving our business tax system to allow American businesses to compete in the global economy, and create stronger growth in the economy, wages, jobs, and opportunity.” (Sen. Hatch, Press Release, 6/27/2017)

JOINT STATEMENT ON TAX REFORM: ‘The Mission Of The Committees Is To Protect American Jobs And Make Taxes Simpler, Fairer, And Lower For Hard-Working American Families’

JOINT STATEMENT ON TAX REFORM: “For the first time in many years, the American people have elected a President and Congress that are fully committed to ensuring that ordinary Americans keep more of their hard-earned money and that our tax policies encourage employers to invest, hire, and grow. … We are all united in the belief that the single most important action we can take to grow our economy and help the middle class get ahead is to fix our broken tax code for families, small business, and American job creators competing at home and around the globe. Our shared commitment to fixing America’s broken tax code represents a once-in-a-generation opportunity…” (“Joint Statement On Tax Reform,” The White House, 7/27/2017)
  • “Above all, the mission of the committees is to protect American jobs and make taxes simpler, fairer, and lower for hard-working American families. We have always been in agreement that tax relief for American families should be at the heart of our plan. We also believe there should be a lower tax rate for small businesses so they can compete with larger ones, and lower rates for all American businesses so they can compete with foreign ones. The goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas. And we are now confident that… there is a viable approach for ensuring a level playing field between American and foreign companies and workers, while protecting American jobs and the U.S. tax base.” (“Joint Statement On Tax Reform,” The White House, 7/27/2017)
JOBS GROUPS: ‘Momentum Is Clearly Building For Passage Of Tax Reform This Year,’ ‘We Agree That Fixing America’s Broken Tax Code Is A Critical Priority For The Economic Strength Of Our Country’

U.S. Chamber Of Commerce: “Today’s announcement, and the unity of vision shown in it, bolsters our confidence that tax reform can be enacted this year. The engagement and enthusiasm for pro-growth tax reform from Trump administration officials and Congressional lawmakers is what will propel this over the finish line for American businesses, workers, and families. The U.S. Chamber applauds the work that has been done to narrow the differences and we look forward to continuing to engage policy makers on this critical issue.” (U.S. Chamber Of Commerce, Press Release, 7/27/2017)

Small Business & Entrepreneurship Council: “Reforming our nation’s tax system is a top priority for small businesses and American entrepreneurs.  Bold reform is critical to stronger entrepreneurship and new business creation in America, which is at a 40-year low and is undermining economic opportunity and hope for so many Americans. Entrepreneurs are reassured that the promise of fundamental tax reform continues to advance forward. We look forward to our continued work with leaders in the Congress and key people in the White House who have continuously provided small business owners and our organization with the opportunity to provide input and ideas.” (Small Business & Entrepreneurship Council, Press Release, 7/27/2017)

Business Roundtable: “Today’s announcement represents an important development toward passage of tax reform. For the first time, we are seeing joint efforts and agreement among the Administration and House and Senate Republican leadership about the direction that tax reform must take. Importantly, the release lays out a time frame and process to advance historic tax reform this fall. Business Roundtable has long stated that any successful reform must contain two key principles: a globally competitive U.S. corporate tax rate and a modern international tax system that does not penalize U.S. companies that seek to bring earnings made in other countries back to the United States. Today’s announcement embraces those principles. Momentum is clearly building for passage of tax reform this year. The economy urgently needs pro-growth reform so companies can invest and create more high-quality jobs.” (Business Roundtable, Press Release, 7/27/2017)

The RATE Coalition: “We applaud the joint statement released... We agree that fixing America’s broken tax code is a critical priority for the economic strength of our country. It begins with lowering the corporate tax rate to a globally-competitive level: it is the most important action we can take to grow our economy, create jobs and put more money in the pockets of American families and workers. We believe that enactment of once-in-a-generation, comprehensive tax reform consistent with the principles detailed today will both spark an economic boom of investment and hiring here at home, and halt the steady erosion of America’s corporate tax base. Collectively, our 33 members employ over thirty million Americans, or one-third of America’s private-sector workers across all fifty states.” (RATE Coalition, Press Release, 7/27/2017)

National Association Of Manufacturers: “…America's leaders came together for America's manufacturing workers. Their unified statement is the most promising sign yet that tax reform will happen this year—and that Americans can trust that their jobs and their paychecks are the top priority. Finally, we have a real path to more take home pay for millions of Americans, more money for savings and our children’s future. We have a real chance to build a solid economic foundation in the United States that will generate more jobs, more investment and more growth—and greater wealth that can be shared by all.” (National Association of Manufacturers, Press Release, 7/27/2017)

Securities Industry And Financial Markets Association: “SIFMA members are strongly in favor of federal tax reform, and we’re encouraged that Congress and the White House have today announced a serious plan to move the process forward.  Modernizing the Internal Revenue Code is critical to all Americans and has the potential to unleash unprecedented economic growth.  Our members recognize the need to address outdated business and international tax rules that are out of step with the tax regimes of our major trading partners.” (SIFMA, Press Release, 7/27/2017)

American Petroleum Institute: “‘API supports pro-growth tax reform and the combined commitment shown today by the White House and Congressional leaders will help us achieve this important goal,’ said Gerard. ‘Tax reform focused on economic development can benefit American consumers, businesses and the economy. We will continue to work with leaders in the House, Senate, and administration on pro-growth policies that will help strengthen the U.S. energy renaissance.’ … API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy.” (API, Press Release, 7/27/2017)

Information Technology Industry Council: “‘For tech, tax reform ‘done right’ can’t come soon enough. To have Congress and the White House unified like this means that not only is the band getting together, they’re singing the same tune,’ Halataei said. ‘Even as our companies innovate, create good jobs and drive the economy to new heights, we labor under an antiquated tax code predating the internet. The resulting dysfunction holds the U.S. economy back from its true potential and it creates serious friction for our companies as we try to compete around the world. With congressional committees being given the green light, we look forward to reviewing the details of their proposals this Fall and working with lawmakers to modernize our tax code so that it unleashes future U.S. innovation.’” (Information Technology Industry Council, Press Release, 7/27/2017)

The Financial Services Roundtable: “‘Today’s announcement reflects Republican leaders have a unified purpose. They agree on key principles necessary to enact tax reform that will help jumpstart economic growth and create quality jobs for the American people,’ said FSR CEO Tim Pawlenty. ‘FSR looks forward to being a constructive partner as this process moves forward this fall.’” (Financial Services Roundtable, 7/27/2017)

National Association of Wholesaler-Distributors: “‘The Joint Statement on Tax Reform released today by the House, Senate and White House principals represents a significant step toward achieving comprehensive tax reform. It sets forth goals for real reform of our outdated tax system which focus on encouraging economic growth and treating individuals and businesses fairly,’ according to Dirk Van Dongen, President of the National Association of Wholesaler-Distributors (NAW).” (National Association Of Wholesalers Distributers, Press Release, 7/27/2017)

American Made Coalition: “Today’s announcement confirms that the administration and congressional leaders have unified around a shared vision for comprehensive tax reform that will generate sustained economic growth. From the beginning, we have pushed for significantly lower corporate tax rates, permanent reforms that give businesses the certainty they need to invest here in the U.S., and a territorial tax system that levels the playing field for American companies competing abroad. We applaud the negotiators for including all three principles in the framework they outlined today.” (American Made Coalition, Press Release, 7/27/2017)

Retail Industry Leaders Association: “‘Today’s announcement is an important victory for American families and businesses who desperately need tax reform …’ said Sandy Kennedy, President of RILA. ‘…Washington has an opportunity for the first time in more than a generation to pass a tax reform plan that boosts American businesses and family budgets. As the nation’s largest private-sector employer, retailers are ready to work with lawmakers to pass tax reform that lowers corporate rates, scrutinizes deductions, keeps America competitive globally, and creates a level playing field here at home,’ said Kennedy.” (Retail Industry Leaders Association, Press Release, 7/27/2017)

American Farm Bureau Federation: “America’s farmers and ranchers are encouraged to see that key congressional leaders and the administration understand how important tax reform is to all Americans. Fixing our tax system now is crucial to creating economic opportunities for farmers, ranchers and other family-owned businesses. This is especially important as farmers continue to face down tough economic challenges. This move sets the stage for Congress to put tax reform on its agenda. Not only will reform strengthen our economy, but by addressing key issues like overall tax rates, capital gains taxes and enhanced expensing, it will be good for farms and other businesses.” (American Farm Bureau Federation, Press Release, 7/28/2017)

Cost Recovery Advances the Nation's Economy: “Today’s Joint Statement on Tax Reform significantly moves forward the process for reforming the tax code to promote capital investment, job creation and economic growth here at home. The shared tax reform principles of the House, Senate, Treasury Department and White House demonstrate the critical role that rapid cost recovery plays in promoting domestic investment.” (CRANE Coalition, Press Release, 7/27/2017)

American Bankers Association: “We appreciate the commitment expressed today by Congress and the administration to move forward with the difficult but critically important task of reforming our nation’s tax code. ABA strongly supports tax reform that boosts economic growth and creates jobs by lowering tax rates for everyone and broadening the tax base in a manner that avoids picking winners and losers. We look forward to working with policymakers on a plan that abides by these and other core principles. Comprehensive tax reform has the power to contribute to the financial success of America’s families, businesses and communities, and the nation’s banks stand ready to support its enactment.” (American Bankers Association, Press Release, 7/27/2017)

Associated Builders And Contractors: “‘The joint statement released this afternoon by administration and congressional leaders is absolutely right-- the time has come for permanent, pro-growth tax reform that makes the code simpler and fairer for businesses and individuals alike,’ said ABC Senior Director of Legislative and Political Affairs Liam Donovan. ‘According to analysis by the U.S. Treasury Department, the construction industry faces the highest effective tax rate of any sector in a country with the highest statutory rate in the developed world. More than three decades since the last fundamental tax reform, at last we have an opportunity to improve the code so that it works for the 21st century economy. Today's statement sends an important signal to the American people that leaders at both ends of Pennsylvania Avenue appreciate the urgent need for fundamental reform, and that they are united behind the tax-writers in the respective chambers to produce legislation that can be signed by the President.’” (Associated Builders And Contractors, Press Release, 7/27/2017)

TechNet: “Tax reform has waited long enough, and we welcome today’s announcement outlining the path forward to finally get it done this year.  We appreciate the work that the House, Senate, and administration have put into this issue so far, and thank them for welcoming our perspective on the best way to promote growth and job creation in the innovation economy.  Now the hardest work begins, and it is essential to seize this opportunity to maximize job creation and increase investment for sustainable, long-term economic growth.” (TechNet, Press Release, 7/27/2017)

The Coalition for Fair Effective Tax Rates: “The Coalition for Fair Effective Tax Rates commends Republican leaders of Congress and the Trump administration for producing a set of principles for tax reform. We hope these concepts will soon be developed into comprehensive tax reform legislation that creates a more level playing field for businesses of all sizes across all industry sectors. We urge policymakers to view tax reform through the lens of effective tax rates, the amount businesses actually pay in taxes expressed as a percentage of income.” (The Coalition for Fair Effective Tax Rates,” Press Release, 7/28/2017)

Real Estate Roundtable:> “The Real Estate Roundtable supports the tax reform principles endorsed by President Trump and Republican Congressional leaders.  Their united statement represents a positive step toward pro-investment, pro-growth tax reform. 

Rewarding economic investment and entrepreneurship through tax reform that establishes permanent, rational tax laws will spur job creation across all businesses, advance sustainable real estate investment, and increase overall national economic growth.” (Real Estate Roundtable, Press Release, 7/2017)

BUILD Coalition: “The BUILD Coalition appreciates the administration and Congressional leaders working closely to establish a sound foundation for tax reform in advance of the legislative process. As policymakers turn to the details, the BUILD Coalition encourages them to remain focused on achieving their goal of pro-growth tax reform.”  (BUILD Coalition, Press Release, 7/27/2017)

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