Taxes

Club for Growth Launches Multi-State Tax Reform Ad Campaign

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:

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Club for Growth’s Statement on Big Six’s Tax Reform Blueprint

Rachael Slobodien - September 27th, 2017

Washington, DC – Today, Club for Growth President David McIntosh offered the following statement in reaction to the Big Six’s tax reform proposal:

“Club for Growth is very encouraged and pleased with the long-awaited tax reform outline that the Big Six released today,” stated David McIntosh.

“Fundamental tax reform comes around only once in a generation, and this is our chance.  The outline is both aggressive and very pro-growth with its rate reductions.  Club for Growth congratulates the members of the Big Six for their hard work and will continue to support the pro-growth efforts of the Trump administration and Congress as they seek to make tax reform a reality.  To this end, the Club will also work with Congress to pass a budget in order to get reconciliation tax instructions.”

Club for Growth Leads Coalition Urging Trump to End Taxation of “Phantom Income;” Encourages Executive Order

Rachael Slobodien - September 26th, 2017

Washington, DC – Today, Club for Growth along with nearly 30 other conservative groups sent a letter to President Trump and Treasury Secretary Steve Mnuchin asking that they issue an executive order that would index capital gains to inflation so that taxpayers are no longer forced to pay taxes on “phantom” gains.  In the letter, the conservative organizations explain that this Executive Order can essentially serve as a pro-growth “down payment” to help ignite the broader conversation of tax reform ahead of the Big Six’s proposal.

Below is the text of the letter along with a full list of organizations who signed it.

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Dear President Trump and Secretary Mnuchin,

On behalf of the following organizations representing millions of American taxpayers, we write to strongly recommend that you end the tax injustice that is currently included in the computation of capital gains.  Specifically, we request an Executive Order that would index capital gains to inflation so that taxpayers do not pay taxes on “phantom” gains.

For much the same reason that income tax brackets were indexed to inflation over 30 years ago, we believe that it is only a matter of fairness to do the same for capital gains.

For example, if someone saving for retirement purchased an S&P index fund for $1000 in 1997 and dutifully held it for 20 years, they could now sell it for $2665.  That’s a gain of $1665.  Unfortunately, the full amount would be subject to taxation.  But $538 of that $1665 isn’t a real gain at all.  It’s phantom income that was eaten away because of inflation.  And yet, taxpayers are currently forced to pay taxes on this nonexistent income.

Signing this Executive Order would have an immediate, pro-growth effect on the American economy.  The real after-tax rate of return on all equities would immediately be priced higher – thereby increasing the wealth held by the millions of working and retired Americans who own 401ks, IRAs, mutual funds, and brokerage accounts.  It would further encourage people to expand their savings, and incentivize people to start doing so.  By preventing the money from unjustly going to the government, it could be re-invested in the economy, allowing businesses to expand, innovate, and create more jobs.

We strongly believe that this Executive Order is a pro-growth “down payment” that will help ignite the broader conversation about tax reform.  And our groups look forward to the opportunity to continue working with the Administration to enact comprehensive tax reform this fall.

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Op-Ed in The Hill – Exclusive: Polling shows Republicans will ‘go Dem’ without tax reform

Rachael Slobodien - September 13th, 2017

Read Full Article Here: http://thehill.com/opinion/finance/350295-exclusive-polling-shows-republicans-will-go-dem-without-tax-health-reform

By David McIntosh

Excerpt:

As Republican majorities return to Congress this September, they face an existential threat entirely of their own making. Failure to repeal Obamacare and increased uncertainty about the fate of long-awaited tax reform have placed public approval for Congress in the tank . . .

 

. . . New polling of Republican voters conducted for the Club for Growth revealed that support for Congress among Republicans collapsed from a net positive of 24 points to a net of only eight points after the Senate’s failure on Obamacare. According to the polling, conducted by Fabrizio, Lee and Associates, Republicans risk cataclysmic losses in the midterm elections unless they correct course.

 

Nationally, one quarter of Republicans already say they will oppose Republicans who refused to support Obamacare repeal. Another fifth of Republican voters say they will support neither Republicans nor Democrats.

 

The situation becomes even bleaker if Republicans in Congress fail to pass tax reform. Nearly one in five will oppose members if they do not pass tax cuts. Another 25 percent of Republican voters will not support either party — meaning they will likely not vote at all. . .

 

These findings leave no room for confusion. They can be summed up succinctly in three words: Republicans will lose. If Congress does not repeal Obamacare and additionally fails to pass tax reform, 63 percent of GOP-leaning independents say they will vote for Democrats or stay home. Additionally, 68 percent of libertarian Republicans and 59 percent of Tea Partiers will either oppose Republicans who betrayed them on health-care and taxes or not vote at all. . .

 

Fortunately, Republicans . . . of all stripes appear determined to pass major tax legislation by year’s end. The Republican proposals for deep tax cuts for businesses, a competitive international tax structure, and elimination of the death tax are the best chances the country has to solidify sustained economic growth and middle-class job creation. Congressional Republicans have a president ready to sign tax reform legislation, and after thirty years of talking about pro-growth tax cuts, Congress should be ready to deliver.

 

Best of all, if and when Republicans pass tax and health care reform, they will also win on the electoral front.

 

. . .

 

Trump’s message in Missouri — challenging Democratic Sen. Claire McCaskill to vote for upcoming tax reform — is precisely what all Republicans should be doing. . .

 

Republicans can take one of two paths. More of the same will lead to overwhelming defeat in the 2018 midterms. The better path is to pass longstanding priorities like deregulation of the energy and health-care markets and major tax cuts.

 

Conservatives stand ready to help them secure these legislative victories. In so doing, not only will these policies lead to economic growth and a stronger America — they will show voters that Republicans can and will use their majorities to benefit the entire nation.

Club president David McIntosh on Varney and Co. discussing tax reform

Stacy French - August 24th, 2017