Search

Conservative Coalition Supports Tax Reform 2.0 Legislation

Americans for Tax Reform today led a coalition of 58 conservative groups and activists in support of the Tax Reform 2.0 legislation set to be voted on by the House of Representatives later this week.


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.


Most importantly, Tax Reform 2.0 strengths the gains made by the Tax Cuts and Jobs Act last year by making individual and small business tax cuts permanent. This tax reduction could not be made permanent when TCJA passed because of a combination of liberal obstructionism, arcane Senate rules, and an unwillingness to reduce out-of-control federal spending.


The legislation also updates retirement, education, and family savings accounts and promotes innovation and entrepreneurship for small businesses. 


The full letter can be found here and is below. 


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.


Sincerely,


Grover Norquist President, Americans for Tax Reform


James L. Martin Founder/Chairman, 60 Plus Association


Saulius “Saul” Anuzis President, 60 Plus Association


Phil Kerpen President, American Commitment


Matt Schlapp Chairman, American Conservative Union


Steve Pociask President, American Consumer Institute


Lisa B. Nelson CEO, ALEC Action


Tom Giovanetti President, Americans for a Strong Economy


Dan Weber Founder & President, Association of Mature American Citizens


Norm Singleton President, Campaign For Liberty


Ryan Ellis President, Center for a Free Economy


Andrew F. Quinlan President, Center for Freedom and Prosperity


Jeffrey Mazzella President, Center for Individual Freedom


Olivia Grady Senior Fellow, Center for Worker Freedom


Chuck Muth President, Citizen Outreach (Nevada)


Matthew Kandrach President, Consumer Action for a Strong Economy


Tom Schatz  President, Council for Citizens Against Government Waste


Iain Murray Vice President for Strategy & Senior Fellow, Competitive Enterprise Institute


Katie McAuliffe Executive Director, Digital Liberty


Palmer Schoening President, Family Business Coalition


Richard Watson Chairman, Florida Center Right Coalition


Adam Brandon President, FreedomWorks


George Landrith President, Frontiers of Freedom


Victor Riches President & CEO, Goldwater Institute (Arizona)


Ray Chadwick Chairman, Granite State Taxpayers (New Hampshire)


Daniel Perrin Executive Director, HSA Coalition


Tim Chapman Executive Director, Heritage Action for America


Rodolfo E. Milani Trustee, Hispanic American Center for Economic Research


Mario H. Lopez President, Hispanic Leadership Fund


Carrie Lukas President, Independent Women’s Forum


Heather R. Higgins CEO, Independent Women’s Voice


Andrew Langer President, Institute for Liberty


Sal J. Nuzzo Vice President of Policy, The James Madison Institute (Florida)


John Dodd President, Jesse Helms Center (North Carolina)


Dave Trabert President, Kansas Policy Institute


Seton Motley President, Less Government


Mary Adams Chair, Maine Center-right Coalition Meeting


Jameson Taylor, Ph.D. Vice President for Policy, Mississippi Center for Public Policy


Tim Jones Former Speaker, Missouri House of Representatives Leader, Missouri Center-Right Coalition


Pete Sepp 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


Jack Boyle Executive Director, Ohioans for Tax Reform  


LaVerne Jones Gore Chairman, The Ohio Diversity Coalition


Jeff Kropf Executive Director, Oregon Capitol Watch


Josh Crawford Co-Executive Director, Pegasus Institute (Kentucky)


Jordan Harris Co-Executive Director, Pegasus Institute (Kentucky)


Daniel Erspamer CEO, Pelican Institute for Public Policy (Louisiana)


Lorenzo Montanari Executive Director, Property Rights Alliance


Derrick Hollie President, Reaching America


Mike Stenhouse CEO, Rhode Island Center for Freedom and Prosperity


Paul Gessing President, Rio Grande Foundation (New Mexico)


Karen Kerrigan President & CEO, Small Business & Entrepreneurship Council


Niraj J. Antani State Representative, Ohio House of Representatives Chair, Ohio Center-right Meeting


David Williams President, Taxpayers Protection Alliance


Judson Philips President, Tea Party Nation


Tom Zawistowski President, We the People Convention


Amy Kremer Chairman, Women for Trump

2 views

SUBSCRIBE TO OUR NEWSLETTER

  • White Facebook Icon

© 2020 Center for a Free Economy