(Washington, D.C.) – The House Committee on Ways and Means is currently working to debate and amend the Tax Cuts and Jobs Act, a proposed broad reform of the U.S. tax code. This “mark up” process will continue over several days, after which the legislation is expected to be considered by the entire House of Representatives in the near future. The ultimate goal is a reform law that makes the tax code flatter and fairer, spurring economic opportunity and wage growth for millions of Americans.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“We have long known that the current tax code is rigged – putting up obstacles for millions of Americans who want nothing more than better jobs, growing wages, and more opportunity. For years, Congress and the president have failed to come together on a reform plan that unrigs the economy for the American people. Now – thanks to this effort in Congress – that is beginning to change.
This new reform bill is not perfect, but it holds promise to make our tax code simpler, more predictable, more efficient, and more equitable, without adding new burdens on hardworking Latino taxpayers. It nearly doubles the standard deduction. It eliminates loopholes and special interest deductions that favor the wealthy and powerful. And it lowers business taxes that hurt American businesses and workers in competition with foreign competitors, who often benefit from lower tax rates at home. These are changes that will help Hispanic families, workers, and entrepreneurs. However, new burdens such as a new 20 percent excise tax on American businesses – which would be passed on to consumers – only put obstacles on the road to reform. Congress should continue to work to improve and advance this bill, which promises to make our economy stronger.”