The text of the GOP proposed tax reform package has finally been released -- and I want you to be among the first to know the details and how it will impact you and your family.
Months ago, conservatives began pressuring their lawmakers to ensure that tax reform followed five conservative principles. Here’s how the bill stacks up to those principles:
Lowering and Simplifying the Individual Tax Rates: The GOP proposal provides long overdue relief to millions of Americans by simplifying and lowering the individual tax rates to 12 percent, 25 percent, 35 percent and 39.6 percent. For married couples, the 25 percent rate starts at $90,000, the 35 percent rate starts at $260,000 and the top rate starts at $1 million. The bill will also double the standard deduction to $12,000 for individuals and $24,000 for families.
Lowering the Corporate Tax Rate: This bill will immediately lower the corporate rate to 20 percent -- the rate demanded by conservatives for months -- making American businesses more competitive with the rest of the world and providing hard working Americans with a much needed raise. Rates for small business pass throughs were also reduced by 15 percentage points, down to 25 percent.
Tax Free Entrepreneurship (Full Expensing): The GOP proposal includes full expensing for some investments that phases out after 5 years. This is a necessary boost to investment in the short-term, though improvements could be made as the process advances.
Establishing a Territorial Tax System: This bill attempts to eliminate the double taxation that defines our current worldwide tax system, though there are some provisions that could undermine the full value of that reform. Stay tuned for a more in-depth analysis.
Ending Cronyism in the Tax Code: Conservatives have also been fighting back against big-government special interest groups. The plan eliminates many special interest provisions including the State and Local Tax Deduction (SALT), though it allows a write off for property taxes. If not for conservative pushback, the swamp creatures would have been far more successful in defending the broken, corrupt status quo.
Here are some other things included in the bill you should know:
At first glance, the preliminary text released today has the potential to unleash economic growth, create American jobs, increase wages for American workers, allow families to keep more of their hard-earned money, and make U.S. businesses competitive across the globe.
According to documents released by Republicans on the House Ways and Means Committee, a typical middle-income family of four, earning $59K (median household income), will receive a $1,182 tax cut under this bill.
The debate is just beginning and we will continue to update you with developments and ways that you can impact the fight against the special interests and K Street lobbyists that will try to dismantle these reforms.
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Sometimes I wonder if Congress has forgotten how to get things done. It seems like they spend all their time blocking, opposing, denouncing, and dawdling.
Yes, the favorite tactics of our current Congress—especially the Establishment Republicans and Democrats in the Senate—are to obstruct and delay. And now, they’re using those tactics to threaten our own judicial system.
Corrupt politicians obstruct and delay confirmation proceedings for federal judges. President Trump has nominated dozens of judicial appointments—qualified conservatives recommended by The Heritage Foundation—but because of the Senate’s delay tactics, these nominations don’t get confirmed, and the judicial branch is left unbalanced.
Trump entered office with almost twice the number of vacancies that Barack Obama faced. Despite nominating more candidates than any other President in decades, the number of vacancies has actually increased since his election, thanks to the Washington Establishment.
Stop the Washington Establishment's obstruction and save the Judicial Branch >>
The Heritage Foundation continues to research and vet candidates in order to recommend solid conservative names to the Trump administration. And our sister organization, Heritage Action, is ready to make these Establishment Congressmen feel the heat with pressure from activists in their own districts. With your help, we will force Congress to confirm these judges and secure the future of America’s courts.
