202-224-4515, Katie Niederee and Julia Lawless
USA Today Op-ed: Hatch: A huge win for the middle class
Tax framework’s reforms are the very definition of a wise investment.
The unified framework to fix our broken tax code is a major step forward for tax reform.
While we hope both Republicans and Democrats will take advantage of this once-in-a-generation opportunity, we expect to hear some familiar arguments in opposition to our proposals.
Over time, the defenders of the status quo have become pretty predictable:
First, they’ll say the framework cuts taxes for the rich and/or raises taxes on the poor and middle class.
The truth: The framework will not shift the tax burden from higher-income earners to lower brackets. And, by nearly doubling the standard deduction and enhancing the child tax credit, it significantly cuts taxes for low- to middle-income taxpayers, moving many families into an expanded zero percent bracket.
While the top individual tax rate will go down slightly, we will repeal numerous deductions that primarily benefit higher-income earners.
Long story short, the unified framework is a huge win for middle-class families and low-income taxpayers.
Next, they’ll say the framework is fiscally irresponsible.
The truth: The tax reductions in the framework are fully or mostly paid for with both economic growth and elimination of special interest loopholes.
Moreover, reducing the tax burden on both large and small businesses will grow our economy, increase wages, and create and keep more jobs in the United States. Combined with bigger paychecks for middle-class families, the framework’s reforms are the very definition of a wise investment.
It is encouraging that congressional leaders and this administration were able to find common ground on so many complicated and contentious issues. But, the framework is not a complete tax plan or bill.
Congress’ tax-writing committees will fill in the blanks on the framework with an eye toward getting a bill on the president’s desk.
So, we still have a long, difficult road ahead of us. The American people need us to go the distance.
Next Article Previous Article