Taxpayers Protection Alliance Praises Tax Reform Package Presented by Chairman Kevin Brady
November 2, 2017
WASHINGTON, D.C. – Today, the Taxpayers Protection Alliance (TPA) applauded the “Tax Cuts and Jobs Act” presented this morning by House Ways and Means Chairman Kevin Brady (TX-8).
The newly proposed tax plan:
- Doubles the size of the standard deduction—from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples
- Reduces tax rates for low- and middle-income Americans
- Doubles Death Tax exemption and repeals the Death Tax after 6 years
- Lowers corporate tax rate to 20 percent and pass-through rate to 25 percent
TPA President David Williams praised the reform package, saying, “We are encouraged that this plan will simplify the tax code, boost small businesses, and create a fair playing field for the middle-class. The tax plan presented provides the framework for individual tax reform, with a reduction in tax brackets from seven to four. The plan also simplifies the tax code, which already contains 2.4 million words. To put that into perspective, the novel War and Peace has 587,000 words. ”
Williams continued, “if this tax plan is passed, business tax rates will be reduced to 20 percent for corporations and 25 percent for small businesses. Small businesses are the lifeblood of this country. Reducing the pass-through rate to 25 percent will help small businesses grow. Reducing the corporate tax rate to 20 percent will entice companies to come back to the United States, bringing jobs and revenue.”
Taxpayers from all walks of life have been vocal about the need for tax reform. This past April, TPA asked Americans from all walks of life their thoughts on tax reform, and the process of getting their taxes done. Here is what they had to say (click here to watch the video).
Williams concluded, “the time is now to pass comprehensive tax reform, and we are confident that the release of this plan is an important step forward.”