Americans for Tax Reform has led a coalition of conservative groups in opposition to Democrat efforts to roll back the Republican-passed Tax Cuts and Jobs Act.
The Democrat-controlled House Ways and Means Committee will soon markup legislation that accelerates a scheduled death tax increase by three years.
Increasing the death tax would be disastrous for small businesses and family farms and small businesses all over the country.
The Trump tax cuts have had a positive effect on American families and businesses alike. A family of four earning the median income of $73,000 is seeing a federal tax cut of $2,000, and the corporate tax cut has made America competitive on the world stage.
Any effort to roll back the TCJA would undermine these hard-earned gains. Read the full letter here or below:
Dear Chairman Neal and Ranking Member Brady:
We write in opposition to any effort to roll back the Tax Cuts and Jobs Act (TCJA).
The Ways and Means Committee will soon markup legislation that accelerates a scheduled death tax increase by three years.
This would be a mistake – increasing the death tax will disproportionately harm small businesses and family owned farms.
The Tax Cuts and Jobs Act reduced taxes on American families at every income level and for businesses large and small.
A family of four earning the median income of $73,000 is seeing a federal tax cut of $2,000, while overall tax liability has dropped by almost 25 percent, according to a report from H&R Block.
Family businesses are benefiting from the doubled death tax exemption and the creation of the 20 percent small business deduction for businesses organized as passthrough entities.
The TCJA also reduced the federal corporate rate from 35 percent (the highest in the developed world) to 21 percent. This rate reduction has made the U.S. competitive with other countries and has allowed businesses to invest in the economy and in American workers.
The TCJA’s corporate rate cut has directly lowered utility rates in all 50 states. This means lower water, gas, and electric bills for American households. Any increase in the corporate rate would directly raise the cost of utility bills.
The tax cuts have also grown the economy. The unemployment rate is at 3.6 percent — the lowest rate since 1969 – and has been below 4 percent for 15 consecutive months. Similarly, nominal average wages have grown by at or above 3 percent for the past 10 months. An average of 196,000 jobs have been created each month over the past year.
Rolling back any part of the TCJA undermines these gains. As such, we urge you to reject any proposal to undo the TCJA including a death tax increase.
President, Americans for Tax Reform
James L. Martin
Founder/Chairman, 60 Plus Association
Saulius “Saul” Anuzis
President, 60 Plus Association
Phil Kerpen ???????
President, American Commitment
Lisa B. Nelson
CEO, ALEC Action
Brent Wm. Gardner
Chief Government Affairs Officer, Americans for Prosperity
Founder and President, Association of Mature American Citizens
President, Center for a Free Economy
Andrew F. Quinlan ???????
President, Center for Freedom and Prosperity
President, Center for Individual Freedom
President, Club for Growth
President, Consumer Action for a Strong Economy
President, Council for Citizens Against Government Waste
Executive Director, Digital Liberty
President, Family Business Coalition
Executive Director, Heritage Action
Heather R. Higgins
CEO, Independent Women's Voice
President, Institute for Policy Innovation
President, Less Government
President, National Taxpayers Union
Lorenzo Montanari ???????
Executive Director, Property Rights Alliance
President & CEO, Small Business & Entrepreneurship Council
Executive Director, Taxpayer Protection Alliance