President Trump and the GOP yesterday released a massive tax reform plan. This would be the first major overhaul of the U.S. tax code since 1986.
The president’s tax plan is based on making the tax code simple, lowering taxes, leveling the playing field for American businesses and workers, and bringing money currently kept offshore back to the U.S.
The tax plan has been praised by a plethora of public ad private figures, and we wanted to highlight just a few of these below:
60 Plus Founder and Chairman James Martin
There’s a lot for seniors to like in President Trump’s framework for tax reform. After reviewing the President’s plan, I believe the net effect can be summed up in four words – promises made, promises kept. It abolishes the Death Tax as he promised, safeguarding family farms, ranches and small businesses. It simplifies the tax code by reducing to three the number of marginal tax brackets, and caps the maximum tax rate for family owned businesses. In addition to that, the doubling of the standard deduction will be a huge boon to low-income retirees and those who no longer itemize their deductions because they have sold their homes and moved to retirement communities. President Trump’s plan to set the corporate tax rate to 20 percent and a one-time low rate for bringing home their overseas profits will go a long way toward creating new jobs and providing greater economic growth in communities across America, all while making the United States more competitive in the global economy. This tax reform package is true to President Trump’s promises to the American people and we look forward to educating our millions of 60-Plus members on its virtues and benefits for them, their families and our nation.
Americans for Tax Reform President Grover Norquist
The Republican tax reform plan will turbo-charge the economy, create millions of new jobs and make America the best place in the world to invest, build and create.
Consumer Action for a Strong Economy
CASE enthusiastically supports the bold and dynamic Tax Reform proposal released today by President Trump and Congressional leaders. They understand the critical need America’s workers and businesses have for a tax system that will create jobs, spark economic growth, and let people keep more of what they earn. This is exactly what they accomplished by putting forth a plan that lowers individual and corporate tax rates, makes our tax code simpler, fairer, and less complicated, and creates incentives to keep jobs in America and bring trillions of dollars of assets back to our shores. CASE fully supports this framework and will work with lawmakers and other leaders to see it come to fruition, to finally bring an end to the current tax structure which punishes work, savings and investment, while making America less competitive in the global economy.
House Ways And Means Committee Chairman Kevin Brady
This is an exciting day for the millions of Americans who are tired of today’s broken tax code and have waited for years for better job opportunities, more take-home pay, and a stronger economy. Today, House Republicans joined President Trump and our Senate colleagues in letting the American people know: we’re taking action. After years of work, we are moving forward with a unified framework that paves the way for bold, transformational tax reform – tax reform that will bring more jobs, fairer taxes, and bigger paychecks. We have a lot of work ahead. But this moment marks a major step forward in the process. Now it’s time for the Ways and Means Committee to build on this momentum and deliver legislation that President Trump can ultimately sign into law. We are closer than ever to finishing what we have started for the American people – and 2017 is our year to make it happen.
Senate Finance Committee Chairman Orrin Hatch (R-UT)
For too long, Americans have been bogged down by an outdated tax code that runs counter to the goal of growth and fails to promote jobs and investment here at home… Principals in the Senate, House, and administration recognized this challenge and worked with members to find consensus and produce a unified framework that marks a significant shift away from America’s broken tax system… Our unified framework will launch a robust legislative process and serve as a critical roadmap for the tax-writing committees, as we draft legislation for a tax overhaul that embraces Republicans’ shared vision. We are committed to creating a healthier American economy that will produce more jobs, bigger paychecks and a fairer, more predictable system for taxpayers across the country. The challenge before us is clear. The Senate Finance Committee is ready to roll up its sleeves and get to work.
Treasury Secretary Steven T. Mnuchin
Today President Donald J. Trump shared how middle-income families will win when we cut their taxes, and make American businesses competitive again. The President outlined a framework with Congress that will create a simpler and fairer tax code that fuels job creation, higher wages, and economic growth, and will lead to the lowest marginal income tax rate for small and mid-size businesses in more than 80 years. Indiana is a great example of how tax relief and reforms like these can lead to record-high employment, more investment in education and innovation, and more manufacturing right here in America. Democrats and Republicans have a historic opportunity to work together to pass meaningful legislation that, as the President stated, will begin the ‘Middle Class Miracle.’ With the President’s leadership, we will create a level playing field so that American businesses and workers will be in a position to succeed in our global economy.
U.S. Chamber Of Commerce Senior Vice President And Chief Policy Officer Neil Bradley
Today’s announcement, and the unity of vision shown in it, bolsters our confidence that tax reform can be enacted this year. The engagement and enthusiasm for pro-growth tax reform from Trump administration officials and Congressional lawmakers is what will propel this over the finish line for American businesses, workers, and families. The U.S. Chamber applauds the work that has been done to narrow the differences and we look forward to continuing to engage policy makers on this critical issue.