Today the House voted on the three tax reform 2.0 bills. Here is a coalition letter Campaign for Liberty co-signed in support of the tax package:
Dear Speaker Ryan and Chairman Brady:
On behalf of the undersigned organizations, we write in support of House passage of Tax Reform 2.0.
This proposal is split into three pieces of legislation: H.R. 6760, the Protecting Family and Small Business Tax Cuts Act, H.R. 6757, the Family Savings Act, and H.R. 6756, the American Innovation Act.
The House should pass all of these bills.
The Tax Cuts and Jobs Act (TCJA) passed last year reduced taxes for Americans at every income level, raised wages and other employee benefits, boosted economic growth, and made the U.S. a more competitive place to do business.
Unfortunately, not all of the tax reduction in TCJA could be made permanent because of liberal obstructionism, arcane Senate rules, and an unwillingness to reduce out-of-control federal spending. Due to these constraints, lawmakers were forced to sunset the individual tax provisions starting in 2026.
The Protecting Family and Small Business Tax Cuts Act will address this by making individual and small business tax cuts permanent.
Because of TCJA, 90 percent of wage earners are seeing higher take-home pay. This year, a family of four with annual income of $73,000 will see a tax cut of $2,058—a 58 percent reduction in federal taxes.
Americans are seeing a simpler, fairer tax code due to the doubling of the standard deduction, the reduction in the Alternative Minimum Tax, and the reduction in the death tax.
Small businesses also see tax relief through the creation of a 20 percent deduction for businesses organized as pass-through entities.
In addition to making these provisions permanent, Tax Reform 2.0 builds on the success of TCJA and further improves the tax code.
The Family Savings Act strengthens tax-advantaged savings accounts so that Americans have more money for retirement, education, and other expenses. The legislation updates retirement accounts so that businesses have more flexibility to set up and contribute to plans and workers have more flexibility to invest and save for retirement.
The bill also creates new, universal savings accounts which allow families to save and invest $2,500 of their own after-tax earnings. 529 education savings accounts are expanded so that families can use these funds on apprenticeship programs and to cover home schooling expenses.
The American Innovation Act encourages innovation and entrepreneurship. The legislation allows businesses to recover more start-up expenses and also allows start-ups that bring in new investors to retain access to important tax benefits like the Research & Development tax credit.
Since it was signed into law, TCJA has reduced taxes for businesses and families, increased take-home pay, and spurred American innovation and competitiveness.
Tax Reform 2.0 will build on this success by making individual and small business tax cuts permanent, expanding tax-advantaged savings accounts, and allowing businesses to recover more start-up costs.
We therefore urge prompt floor passage of the Tax Reform 2.0 package and encourage all members of Congress to support the legislation.
President, Americans for Tax Reform
James L. Martin
Founder/Chairman, 60 Plus Association
Saulius “Saul” Anuzis
President, 60 Plus Association
President, American Commitment
Chairman, American Conservative Union
President, American Consumer Institute
Lisa B. Nelson
CEO, ALEC Action
President, Americans for a Strong Economy
Founder & President, Association of Mature American Citizens
President, Campaign For Liberty
President, Center for a Free Economy
Andrew F. Quinlan
President, Center for Freedom and Prosperity
President, Center for Individual Freedom
Senior Fellow, Center for Worker Freedom
President, Citizen Outreach (Nevada)
President, Consumer Action for a Strong Economy
President, Council for Citizens Against Government Waste
Vice President for Strategy & Senior Fellow, Competitive Enterprise Institute
Executive Director, Digital Liberty
President, Family Business Coalition
Chairman, Florida Center Right Coalition
President, Frontiers of Freedom
President & CEO, Goldwater Institute (Arizona)
Chairman, Granite State Taxpayers (New Hampshire)
Executive Director, HSA Coalition
Executive Director, Heritage Action for America
Rodolfo E. Milani
Trustee, Hispanic American Center for Economic Research
Mario H. Lopez
President, Hispanic Leadership Fund
President, Independent Women’s Forum
Heather R. Higgins
CEO, Independent Women’s Voice
President, Institute for Liberty
Sal J. Nuzzo
Vice President of Policy, The James Madison Institute (Florida)
President, Jesse Helms Center (North Carolina)
President, Kansas Policy Institute
President, Less Government
Chair, Maine Center-right Coalition Meeting
Jameson Taylor, Ph.D.
Vice President for Policy, Mississippi Center for Public Policy
Former Speaker, Missouri House of Representatives
Leader, Missouri Center-Right Coalition
President, National Taxpayers Union
The Honorable William O’Brien
Former Speaker, New Hampshire House of Representatives
Co-Chair, New Hampshire Center-Right Meeting
The Honorable Stephen Stepanek
Former Chairman, Hew Hampshire House Ways & Means Committee
Co-Chair, New Hampshire Center-right Meeting
Executive Director, Ohioans for Tax Reform
LaVerne Jones Gore
Chairman, The Ohio Diversity Coalition
Executive Director, Oregon Capitol Watch
Co-Executive Director, Pegasus Institute (Kentucky)
Co-Executive Director, Pegasus Institute (Kentucky)
CEO, Pelican Institute for Public Policy (Louisiana)
Executive Director, Property Rights Alliance
President, Reaching America
CEO, Rhode Island Center for Freedom and Prosperity
President, Rio Grande Foundation (New Mexico)
President & CEO, Small Business & Entrepreneurship Council
Niraj J. Antani
State Representative, Ohio House of Representatives
Chair, Ohio Center-right Meeting
President, Taxpayers Protection Alliance
President, Tea Party Nation
President, We the People Convention
Chairman, Women for Trump