Members of the House and Senate will soon begin a conference committee to resolve differences in the Tax Cuts and Jobs Act.
While there are minor differences between the Senate and House passed bills, both proposals are strongly pro-growth and pro-family. Where differences remain, the conference committee should be an opportunity to make the bill more pro-growth and ensure strong tax relief for American families, individuals, and businesses.
While there are ways both pieces of legislation could be improved, both bills are infinitely better than the status quo. It is imperative that conferees swiftly reconcile differences between the two bills and send it to the House and Senate to ensure tax reform is signed into law in 2017.
As lawmakers progress through the conference committee, ATR urges confeerees to keep the following policy priorities in mind:
- Ensure tax reduction for Americans of every income level while simplifying the code
- Repeal of Obamacare’s individual mandate tax penalty
- Tax Reduction for Businesses including a permanent 20 percent corporate rate
- Pro-Growth Cost Recovery including 100 percent expensing and reasonable limitations on deductibility of interest
- Repeal of the death tax
- An internationally competitive territorial system with appropriate base erosion rules