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ICYMI: Leaders In States Across Country Urge Passage Of Tax Reform Plan

- November 27, 2017

Speaker Robin Vos: Federal tax reform will be good for Wisconsin
Wisconsin State Journal

Speaker Robin Vos
November 24, 2017


"I want to thank Speaker Ryan for moving this plan forward because Wisconsin needs federal tax reform to become law.

"The Tax Cuts and Jobs Act will give us a tax code that’s simple, fair and easy to understand. It also means the average family of four will see tax relief of $1,182 each year. The Tax Foundation estimates it would increase the size of the U.S. economy by 4 percent…

"First, we know tax cuts work to spark economic growth because we have seen it work in Wisconsin. In the last six years, Republicans have cut taxes by more than $8 billion. We also have simplified our income tax code by condensing five brackets into four, eliminated entire taxes, and decreased rates to make it flatter and fairer. As a result, our state is seeing more revenue and budget surpluses.


"By giving people and businesses more money to invest, forecasters are using historical data that prove tax cuts produce economic growth. In fact, according to the Tax Foundation’s study on the impact of the cuts on state jobs and incomes, Wisconsin is expected to add more than 20,000 jobs beyond our projected growth rate should the tax reforms become law.


"America hasn’t seen real tax reform since 1986, and I’m beyond thrilled that President Donald Trump and Speaker Ryan brought forward this long-overdue plan. Federal tax reform is essential for Wisconsin’s future economic prosperity. It’s time our country’s leaders lay a fiscal foundation for prosperity with a tax code that works for job creators, families and every state in the nation."

To read more, click here.


Modernizing our tax code will help Montana small business
Missoulian
Greg Hertz
November 24, 2017

"It has been 30 years since the last time our nation’s tax code has been overhauled. In that time, the tax rate we levy on businesses has become one of the highest in the world, the tax code itself has become an incomprehensible mess, and special interests have drilled it full of loopholes that benefit narrow constituencies.
The only bright spot is that bipartisan support to reform the tax code is at an all-time high right now. According to one recent poll, 81 percent of Americans say tax reform should be among the top priorities of Congress.
...

"In fact, the Tax Foundation projects that the proposed tax reform package will create 975,000 new jobs and result in a boost in our GDP by nearly four percent. They estimate that economic growth will translate into a $2,600 increase in wages for the average middle-income household.

"Those wage increases are on top of the tax savings that Americans will enjoy under the plan. The package passed in the House of Representatives doubles the standard deduction for middle-class families, simplifies filing and closes loopholes to make sure everyone pays their fair share.


"Tax reform is important for Montana’s small business owners — who provide the majority of employment opportunities in our state and form the backbone of our economy. It is also important for families of all income levels, who will experience a much-needed boost in the form of lower taxes and higher wages."


To read more, click here.

WV House Speaker Armstead says President’s tax plan will benefit state
The State Journal
House Speaker Tim Armstead
November 27, 2017


"President Trump and leaders in Congress are working diligently on a massive rewrite of our federal tax code. It’s the most aggressive tax reform proposal we’ve seen since the Reagan administration, and it would have tremendous benefits for our state.

"The plan being discussed will provide tax relief to working families across our state, while opening up new possibilities for corporations to reinvest revenue from overseas back in the U.S. for investment opportunities here at home.

"The tax plan working its way through Congress would directly benefit families by doubling the standard deduction most people use on their taxes, while also significantly increasing the child tax credit. This means that many West Virginians would immediately fall within a zero-tax bracket and would pay no income tax.

"A typical family of four could save more than $1,000 a year on their tax bill under the latest version of the plan — that’s real savings West Virginia families could use to buy homes, purchase clothes for their kids, buy new appliances, save for a vacation or use to make home improvements.


"President Trump’s plan would provide significant tax relief to the backbone of West Virginia’s economy — our small businesses. Perhaps no segment of West Virginia’s economy has had to weather the economic storm more than our small and family-owned businesses. The president recognizes the challenges our small businesses must meet and has proposed to cap the maximum tax rate these businesses must pay. This step will provide a much-needed boost to these struggling small businesses who mean so much to our neighborhoods across West Virginia.


"Under his plan, the United States will be on a level playing field with other countries, and this will open the doors for businesses to bring those billions of dollars sitting in overseas accounts back home to invest in the U.S.A.

"Federal tax reform, coupled with the changes we’ve made at the state level, could rejuvenate and diversify our economy and put our state back on the path of prosperity."


To read more, click here.

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