This Week in Congress: Death and Taxes

The big event of the week is the Senate vote on tax reform, which is expected Thursday, assuming the bill has the votes to pass. Campaign for Liberty is monitoring the debate to ensure the final bill does not contain a carried interest tax.

We have heard that Alaska Senator Dan Sullivan may support a carried interest tax, even though he voted against it in the past. Alaskan Campaign for Liberty supporters may wish to contact him at 202-224-3004 and tell him to oppose any tax on carried interest.

Campaign for Liberty members should also contact the following Senators and tell them to oppose a carried interest tax:

Kentucky: Mitch McConnell 202-224-2541

Iowa: Chuck Grassley 202-224-3744, Joni Ernst 202-224-3254

Ohio: Rob Portman 202-224-3353

South Carolina: Lindsey Graham 202-224-5972, Tim Scott 202-224-6121

Texas: John Cornyn 202-224-2934, Ted Cruz 202-224-5922

Tennessee: Lamar Alexander 202-224-4944, Bob Corker 202-224-3344

Arizona: Jeff Flake 202-224-4521, John McCain 202-224-2235

Maine: Susan Collins 202-224-2523

Montana: Steve Daines 202-224-2651

Wisconsin: Ron Johnson 202-224-5323

Campaign for Liberty is also supporting adding a provision to the Senate bill similar to one contained in the House bill that extends the use of education savings accounts to K-12 education. Here is a letter Campaign for Liberty co-signed on this issue:

November 21, 2017

The Honorable Paul D. Ryan
Speaker of the U.S. House of Representatives
1233 Longworth House Office Building
Washington, D.C. 20515

The Honorable Mitch McConnell
U.S. Senate Majority Leader
317 Russell Senate Office Building
Washington, DC 20510

The Honorable Kevin Brady
Chairman, House Ways and Means CommiRee
1011 Longworth House Office Building
Washington, DC 20515

The Honorable Orrin G. Hatch
Chairman, Senate Finance CommiRee
104 Hart Senate Office Building
Washington, DC 20510

Dear Speaker Ryan, Majority Leader McConnell, Chairman Brady and Chairman Hatch:

Now that the House has passed its version of the Tax Cuts and Jobs Act, we urge both the Senate and the House to pass a final version that reflects the House proposal to expand 529 savings plans to include K-12 elementary and secondary school tuition.

Under the House proposal, families would be able to set up plans and begin saving upon pregnancy. The House proposal also allows up to $10,000 of savings per year to be used for elementary and secondary school tuition and apprenticeship program expenses.

The Senate Finance Committee recently modified its tax proposal to allow 529 savings to begin at pregnancy instead of birth, but did not include the expansion of expenses to K-12 elementary and secondary school tuition and apprenticeship program expenses.

We urge the Senate to adopt the House approach to expanding 529 savings plans, and for Congress to retain these provisions in the final passage of the Tax Cuts and Jobs Act.

Ensuring children receive an education that meets their individual needs is a central responsibility of parents. The House proposal will help parents save for an education that prepares their child for college or a career.

Presently, more than 75 percent of 529 savings plans are from families making $150,000 or less. A total of 13 million 529 savings plans have been set up, with assets totaling nearly $300 billion. The popularity of 529 savings plans demonstrates the broad interest in this form of tax-advantaged savings, including among working class and middle-income families.

For all of these reasons, we strongly urge the adoption of the House proposal to expand the use of 529 savings plans.

The House is in Tuesday through Friday. Among the bills the House will consider is one requiring mandatory training in sexual harassment, because that will stop the numerous predators on Capitol Hill. A more effective way might be to release the names of every representative and staffer who has used taxpayer money to settle a sexual harassment claim.

The House will also consider H.R. 3905 which overturns President Obama’s order for mineral development in certain public lands. The House will also consider HR 1699 which exempts realtors of manufactures housing from certain federal requirements.

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