Heritage Foundation tax expert Adam Michel issued the following statement on passage of the Tax Cuts and Jobs Act.
“Today Congress has passed the most significant tax reform in more than 30 years – this is a victory for American families and job creators. The Tax Cuts and Jobs Act will allow Americans to keep more of their hard-earned money and will allow their wages grow by as much as $4,000 per family by the end of the decade. It also simplifies taxpaying for the vast majority of Americans who take the standard deduction, so most people can file their taxes without the added burden of hiring an accountant. Additionally, this bill will allow American job creators to increase investment in the American economy, growing their businesses and expanding their workforces.
“The final bill is a serious effort to reform a complex and badly broken system that provides significant tax relief to the vast majority of tax-paying Americans. However, there is still much work to be done. Congress should continue seeking additional areas where more money can be returned to the pockets of hardworking Americans and our tax code can continue to be made simpler, flatter and fairer for all Americans.”
Throughout, the entire tax reform process, The Heritage Foundation has played a central role in policy conversations on the direction the tax bill would go. Since the summer, Heritage has hosted multiple key players to discuss what tax reform means for the American people, including: President of the United States Donald Trump; Speaker of the House Paul Ryan; House Ways and Means Committee Chairman Kevin Brady; Chairman of the President’s Council of Economic Advisors Kevin Hassett; Senator David Perdue and Business Roundtable CEO Joshua Bolten; Chairman of the House Republican Study Committee (RSC) Mark Walker and RSC members Reps. Jim Banks, Andy Barr, Jeff Duncan; and House Freedom Caucus (HFC) Chairman Mark Meadows and HFC members Jim Jordan, Dave Brat, and Warren Davidson.