TPA Releases “A Guide to Protecting Taxpayers”

For Immediate Release         Contact: Courtney Mattison (202-525-7492)

September 16, 2021 

Washington, D.C. – Today, the Taxpayers Protection Alliance (TPA) released “A Guide to Protecting Taxpayers.” The report describes in depth the types of tax policy changes being discussed on Capitol Hill. It also makes alternative recommendations and describes the real life consequences of continuing down a path of high taxes.  

In response, TPA President David Williams offered the following comment:

“After a year-and-a-half of the most profligate spending in the nation’s history, policymakers in Washington have decided to pay for a new round of multi-trillion-dollar spending with tax hikes on American citizens and businesses. This report details the devastating consequences the economy and Americans across the nation will experience as a result of theses harmful tax changes.

“The report shows how the Biden administration’s proposed changes to the capital gains tax will not only be a severe deterrent to investment in the American economy, but will also function as a second death tax on American families. Far from going after the rich and powerful, these policies would force small generational businesses to sell their assets to the highest bidder rather than passing the business down to the next generation..

“In the report, readers can see the immense benefits that the 2017 Tax Cuts and Jobs Act had for the economy. The repeal of these tax cuts – as has been proposed by the administration – would wind back those benefits at a time the economy is struggling to recover from the economic devastation of the last year.

“The report also analyzes the way the government treats depreciating assets and how the government can turn even the passage of time into a tax on American businesses. Not only that, but the administration’s proposed approach to depreciation would punish businesses by limiting their net interest tax deductions if their assets depreciate. 

“Lastly, the report tackles the populist fervor expressed by politicians on both sides of the aisle. From wealth taxes to attacks on certain tax deductions, these policies would harm the people who create jobs and funnel investment into American businesses. This report will serve as an important resource for taxpayers to hold their elected leaders accountable.

“From a double death tax to a higher corporate tax rate, any tax increases will weaken an already struggling economy.” 

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The Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.