Club for Growth’s Statement on the Tax Cuts and Jobs Act
Washington, DC – Today, Club for Growth President David McIntosh offered the following statement ahead of votes in the House and Senate on H.R. 1, “The Tax Cuts and Jobs” Act:
“Club for Growth congratulates members of the House and Senate conference committee for their work in delivering strong pro-growth tax reform the American people,” stated David McIntosh.
“The tax reform bill will unleash great economic growth and prosperity. And while this legislation embodies the most significant changes made to our tax code in thirty years, there’s no reason we have to wait for another thirty years to enact additional reform.
“In fact, with respect to the individual and major pass through businesses, this bill falls far short of pro-growth expectations. For that reason, Congress should take up a new tax bill next year to complete the work by:
- Having a real 25 percent maximum rate for businesses organized as subchapter S corps or LLCs, rather than artificial exclusions for sectors like financial services, and unfairly excluding 80 percent of business income from the pass-through rate.
- Making permanent the temporary tax cuts for individuals.
- Eliminating the death tax.
- Repealing fully the Alternative Minimum Tax.
- Cutting capital gains taxes to spur individual investments.
- Repealing fully the taxes in Obamacare.