The budget resolution is the vehicle to pass tax reform. Support for the budget equals support for tax reform
ATR urges a YES vote on the S.Con.Res. 25 as a pro-taxpayer vote
“The Republican tax reform plan will turbo-charge the economy, create millions of new jobs and make America the best place in the world to invest, build and create,” said Grover Norquist, president of Americans for Tax Reform. “The first step toward passing this tax reform plan is for congress to pass a budget resolution that unlocks reform.”
It is imperative that the Trump tax reform plan is signed into law in 2017. The first step toward achieving this goal must be passage of a budget resolution.
Without a budget resolution, Congress is unable to move forward with tax reform as almost every Senate Democrat has already ruled out supporting Trump’s tax reform plan. The only path forward is through budget reconciliation which avoids a Senate filibuster before moving to a regular order process that involves Committees of jurisdiction drafting legislative text.
Support for this budget resolution should be viewed as support for the Trump tax reform plan. Opposition to the budget resolution equals opposition to tax reform.
All Senators should vote “YES” on the S.Con.Res.25, the FY ‘18 budget resolution.
The Trump Tax Reform Framework proposes tax cuts and simplification for individuals and businesses:
-Consolidates the existing seven tax brackets into three (12%, 25%, 35%).
-Doubles the standard deduction (The first $12,000 for individuals and $24,000 for families will not be taxed).
-Expands the child tax credit so that families have more take home pay.
-Simplifies the code by repealing unnecessary deductions and credits but preserves home mortgage and charitable deductions.
-Repeals the death tax and AMT.
-Reduces taxes on all businesses by 42 percent – The corporate tax rate is reduced to 20 percent, and the tax rate on pass-through entities is reduced to 25 percent.
-Enacts 100 percent, full business expensing for at least five years to stimulate new investment in the economy.
-Replaces the outdated worldwide system of taxation with a system of territoriality so that American businesses operating overseas can compete.
-Allows trillions of dollars’ worth of after-tax income to come back to the U.S. to be reinvested in the economy after a one-time repatriation rate.