Early this morning, the United States Senate passed its own tax reform bill bringing us one step closer to sending a final bill to President Trump’s desk. Heritage Foundation tax expert Adam Michel had the following to say about the Senate bill:
“The Senate passed Tax Cuts and Jobs Act is a big improvement to America’s out-of-date tax code and could boost the economy by almost 3 percent, leading to more jobs and higher wages for working Americans. There is a lot to like in the Senate bill: It cuts taxes for individuals and businesses, largely repeals the state and local tax deduction, and allows businesses to invest more in the American economy through temporary expensing.
The Senate bill, however, misses several important opportunities. The bill should include a clean repeal of the state and local tax deduction, full expensing for all business investments, and lower tax rates should be favored over a large business deduction. The Senate bill leaves many special interest tax subsidies intact and does not fully repeal the complexities of the alternative minimum tax or the estate tax.
Pro-growth tax reform can unleash the U.S. economy, strengthen workers’ wages, and increase job opportunities. In the coming weeks, the House and the Senate have the opportunity to borrow the best components of each bill to further enhance the proposed reforms’ benefits for all Americans.”
Heritage Expert on Passage of the Senate Tax Bill
Dec 2, 2017 1 min read