What Pro-Growth Tax Reform Means for Workers and Families
by Kevin Brady on April 24, 2017 at 2:08 PM
With another stressful Tax Day behind us, House Republicans are continuing to move full steam ahead on our plan to completely overhaul America’s broken tax code. We are taking historic action to unleash historic growth—of jobs, wages, and our economy—that vaults America back into the lead pack among our global competitors. Our Tax Reform Blueprint will dramatically lower tax rates for workers, families, and job creators; eliminate special interest loopholes; repeal uncompetitive taxes like the “Made in America” tax; and allow American businesses for the first time in history to immediately write off the full cost of new capital investments.
According to the independent Tax Foundation, taken together, these bold actions will grow America’s economy by more than 9 percent over the next decade—a vast departure from the historically slow growth under the Obama Administration.
Here’s what this historic economic growth means for workers and families:
- More job opportunities. Our pro-growth proposals will make America one of the best places on earth for businesses to create jobs. By slashing tax rates for businesses, large and small, encouraging businesses to invest in our communities, and leveling the playing field so American businesses can compete and win, it is estimated that our plan will lead to 1.7 million new jobs. Click here to find out how many new jobs the Blueprint is estimated to create in your state.
- Bigger paychecks. In addition to creating more jobs, our pro-growth proposals will increase wages. Under our plan, businesses will be able to invest more in American workers, rather than sending more of their earnings to Washington. And, because we are lowering tax rates across the board, individuals and families will be able to keep more of their hard-earned money. According to one study, our plan will raise after-tax income by nearly $5,000 for middle-income families.
- Dollars go further. Our pro-growth policies will enhance true competition, which drives down costs and increases choices for America’s workers and families. That means, as consumers, workers and families can shop for products and services based on price and quality—instead of being limited by an uncompetitive tax code as they are today.
- Greater financial security. By reducing taxes on capital gains, dividends, and interest income, our pro-growth proposals help ensure workers and families can build toward a more financially secure future.
As House Republicans continue working together with the Trump Administration to deliver pro-growth tax reform, the Ways and Means Committee will soon begin a series of hearings to examine the benefits of our Tax Reform Blueprint—specifically how our proposals will create more jobs, raise wages, strengthen American businesses, and improve the lives of workers and families across the country.
CLICK HERE to read about the independent Tax Foundation’s Analysis of House Republicans’ Pro-Growth Tax Reform Blueprint.
CLICK HERE to learn more about the House Republican Tax Reform Blueprint.