Tax Reform Debate Update: 11/10/2017 | U.S. Chamber of Commerce
Nov 10, 2017 - 10:00am

Tax Reform Debate Update: 11/10/2017

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The Internal Revenue Service headquarters in Washington, D.C.
The Internal Revenue Service headquarters in Washington, D.C.

Here is your daily round-up of news and analysis to keep you informed as tax reform works its way through Congress.

In the news

Washington Post: Sen. Orrin Hatch: “The Senate tax bill is exactly what the middle class needs

For too long, middle-class Americans have struggled with stagnant wages, sluggish labor markets and economic growth well below the historic average. Much of the economic stagnation stems from our nation’s broken tax code, which has become too big, too complex and too antiquated to satisfy the needs of 21st-century Americans. Our tax code is a self-inflicted wound on our economy.

That’s why leaders in both the Senate and House, as well as the Trump administration, have been working together on comprehensive legislation to overhaul our tax system. Tax reform will provide relief and bigger paychecks to low- and middle-income families, make America a better place to start and grow a business, and allow American businesses to compete in the global marketplace.

Those are the primary objectives of the Senate’s tax plan, which we unveiled this week.

Observer: Peter Ferrara: “Why the Republicans’ Tax Reform Plan Will Lead to Economic Boom

For the eight years Barack Obama was president, annual economic growth averaged less than 2 percent, which is the growth rate of a stagnant third world country. But in less than a year, President Donald Trump has the economy booming with 50 percent more economic growth. Unemployment last month fell to a negligible 4.1 percent—the lowest in 17 years.

That is primarily due to Trump’s aggressive deregulation, mostly reversing Obama era overregulation. When the lower tax rates of tax reform become effective, that will kick start growth even more, closer to 4 percent for the long term.

Moreover, because Obama’s recovery from the 2008-09 recession was the worst recovery from a recession Since the Great Depression, there is still a rebound effect within the economy that will push annual growth above 4 percent for the short term. The economy is capable of growing 5 or even 6 percent for a couple of years, until it catches up to the long term trendline of where it should be.

And this is what tax reform is all about: restoring the advantage of that lost American economic growth. It’s not about the deficit. Any currently projected deficits are irrelevant. Because under tax reform, we will enjoy a different economy than we have suffered from over the last 10 years.

Politico: “Poll: Support for GOP tax plan ticks down but remains positive

More voters who have heard about President Donald Trump and congressional Republicans' plans to overhaul the tax code back the proposal than oppose it — but support declined last week following the release of the House GOP bill.

From the U.S. Chamber

Katharine Cooksey: “Tax Reform: We’re Cooking!”

The U.S. Chamber is keeping a close watch on 2017’s most popular order – pro-growth tax reform. What’s the latest status on our delivery?

On Thursday, the House Ways and Means Committee voted to pass their bill, the Tax Cuts and Jobs Act, out of committee. Their recipe of lower rates for families and businesses and a simplified tax code are just what taxpayers ordered.

U.S. Chamber Staff: “Reform the Tax Code and Investment Will Be Unleashed

Reform the tax code, and investments will follow. That’s what AT&T said when it said it would invest an additional $1 billion in the U.S. economy – if Congress and the Trump administration deliver on their tax reform promise. AT&T’s commitment shows that if Congress follows through on its promises, businesses will invest more.

Tell Congress: The time for tax reform is now.

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