GOP Must Correct At Least Four Shortcomings of the House Bill to Bring Our Nation Pro-Growth Tax Reform
Rachael Slobodien - November 07th, 2017
Washington, DC – Today, Club for Growth President David McIntosh issued the following statement as the House Ways and Means Committee continues to mark up the “Tax Cuts and Jobs” bill:
“While the corporate tax cut will lead to some increase in our nation’s GDP, the rest of the provisions on individual taxpayers fails the pro-growth test,” Club for Growth President David McIntosh stated.
“Republicans must correct at least four serious shortcomings of the House bill to follow through on campaign promises and to bring our nation closer to a tax reform proposal that is truly pro-growth.
“1: millionaires’ tax rate: House Republicans are engaging in class warfare the likes of which would make Democrats green with envy. Instead of following through with the promise of taking seven brackets and simplifying them to three, Speaker Ryan and Chairman Brady added in a fourth bracket exclusively for millionaires.
“2: 45.6 percent “bubble” phantom tax increase: As The Wall Street Journal noted, some individuals and couples could face up to 45.6 percent marginal rate on earnings between $1.2-1.6 million. That’s a real tax increase on successful people who invest and create jobs.
“3: pass throughs: Once again, Republicans fail the truth in advertising test here. At first glance, the House GOP bill looks as if it introduces a degree of tax parity for small and family-owned businesses by taxing them at 25 percent. But then there’s a catch, only the first 30 percent of their income will be taxed at the 25 percent rate, the remaining 70 percent is taxed as much as 45.6 percent. The blended, real effective marginal rate is at least 35% and can even be higher. That means no tax cut at all for most small business and family-owned companies.
“4: death tax: Instead of taking this golden opportunity to rid Americans from being taxed even after they’ve died – on assets that they already paid taxes on when living – the House Republican plan waits a full six years before repealing it. Our question is, why wait?
“All in all, this bill must be changed if Republicans intend to keep their promise of real pro-growth, job-creating tax cuts.”
Rachael Slobodien - November 02nd, 2017
Washington, DC – Today, Club for Growth President David McIntosh issued the following statement upon the release of the House Republican tax reform:
“Few things in Washington have the potential to unleash economic growth and job creation like the prospects of a pro-growth tax plan,” stated Club for Growth President David McIntosh.
“There are lots of components to praise in the House’s tax legislation, like immediate expensing for businesses and cutting the corporate tax rate. But there are other things that were added at the last minute that will require further analysis and improvement. For example, the bill does not do enough for small businesses, and by restoring the 39.6 percent tax rate on some taxpayers, the legislation effectively punishes success and caves to the Democrats’ class warfare rhetoric.
“Fortunately, the Senate will have an opportunity to improve upon the shortcomings in the House bill. Club for Growth is eager to continue working with Congress to implement the most pro-growth tax plan in our nation’s history.”
Stacy French - October 26th, 2017
Rachael Slobodien - October 24th, 2017
Washington, DC – Today, Club for Growth President David McIntosh issued the following statement in response to Senator Jeff Flake’s (R-AZ) retirement announcement:
“Club for Growth commends Senator Jeff Flake for his many years of service in first the House of Representatives and most recently in the U.S. Senate.
“For over a decade, Club for Growth has had the privilege of calling Jeff a friend and has fought with him to promote economic freedom and prosperity. Senator Flake maintained a life-time average of 96 percent on Club for Growth’s scorecard – a distinction few have earned. A tried and true fiscal conservative, Jeff fought to eliminate earmarks before it was cool.
“Club for Growth is grateful for the commitment Senator Flake has made to fighting to bring fiscal sanity to Washington. We wish him the very best in his next endeavor.”
Rachael Slobodien - October 18th, 2017
Washington, DC – Today, Club for Growth released its first TV and digital ads that urge Congress to pass tax reform. The first phase of the ad campaign will target Senator Claire McCaskill (D-MO). The initial $600,000 ad buy includes two 15-second ads that begin airing today on broadcast and cable television in the St. Louis, Missouri media market.
Watch both ads here: