Last week, the Ways and Means Committee unveiled the Tax Cuts and Jobs Act—historic legislation that will give typical American households a $1,182 tax cut, raise wages by upwards of $4,000, and create 890,000 full-time jobs. Job creators responded with praise for the plan’s promise to deliver more jobs, fairer taxes, and bigger paychecks to the American people.
21st Century Fox: “Today’s announcement is a major step toward meaningful tax code reforms that will help grow the U.S. economy and boost investment and opportunity for American job-creators like 21st Century Fox. We are pleased to see this legislation appropriately reduces the corporate tax rate and continues to rightfully treat advertising costs as an ordinary business expense. We look forward to a more fulsome review of this legislation’s other provisions and commit to work constructively with Congressional leaders and the Administration to advance pro-growth legislation.”
Aerospace Industries Association: "The Aerospace Industries Association strongly supports, and has continuously urged Congress to pass, permanent and and comprehensive tax reform. This landmark revision enables U.S. economic expansion and job growth while helping the manufacturing sector improve its global competitiveness. In particular, the principles we set forth in our communications to Congress and the administration include a more competitive corporate tax rate, creation of a territorial tax system and repatriation of accrued overseas income."
Alliance for Competitive Taxation: “The release of H.R. 1 is an important first step towards pro-growth tax reform that will create jobs and boost the wages of American workers, expand our industrial and technological base, and strengthen the domestic economy. We applaud the adoption of a 20% competitive corporate tax rate and movement in the direction of a territorial tax system that will not penalize U.S. companies when they invest their foreign profits at home.”
American Bankers Association: “We welcome today’s release of the House Ways & Means Committee’s tax reform proposal, and believe it’s an important and positive step toward finally reforming our nation’s tax code. We appreciate that Chairman Brady and the committee recognize that a lower tax rate is necessary for all U.S. businesses, including America’s banks, to be more competitive in the global market. ABA remains committed to comprehensive tax reform that grows the economy, creates jobs and adheres to our core principles.”
American Chemistry Council: “We commend Chairman Brady for taking this important step toward modernizing our nation’s tax code. We strongly encourage enactment in the 115th Congress of a fair, simpler and internationally competitive system that promotes American economic growth and new jobs. We look forward to a careful review of the legislation using our guiding principles for tax reform as our yardstick.”
American Council for Capital Formation: “The tax bill released today is three decades in the making and leaders on Capitol Hill and the White House should be commended for unveiling a pro-growth tax reform that will help pave the way for new job creation, higher wages, and sustained economic prosperity.”
American Farm Bureau Federation: “Farm Bureau applauds Congress for its progress in reforming the tax code. This new tax plan moves us closer to a tax system that rewards the hard work and entrepreneurship of America’s farm and ranch families. Today’s proposal includes expanded, immediate expensing while continuing the business interest deduction important to so many farmers and ranchers. It also provides immediate relief from the estate tax with a repeal to follow in subsequent years.”
American Petroleum Institute: “Today the House Ways & Means Committee took a bold step to modernize the nation’s tax code to sustain U.S. economic growth, spur strong energy investment, and create American jobs and we commend Chairman Brady for his tremendous leadership on this issue. The last comprehensive update to the U.S. tax code was in 1986 and significant proposals, like lowering the corporate tax rate and strong cost-recovery provisions, will help ensure that our tax system is smart, fair and pro-growth to benefit American consumers, businesses, and the economy.”
Associated Builders and Contractors: “We are pleased House Republicans worked diligently with the White House to get a long-overdue tax reform bill off the ground and begin the legislative process. Our members will feel the direct positive impact of this bill with another dollar in their paychecks, allowing them to create jobs and drive growth. We also applaud measures in the bill that eliminate the alternative minimum tax and expand options to invest in education. We look forward to working with Congress and our colleagues in the business community to deliver a final tax reform package that meets the goal of a simpler, fairer tax code not just for merit shop construction businesses, but all Americans."
Association of Equipment Manufacturers: “The equipment manufacturing industry commends Speaker Ryan, Chairman Brady and all the members of the House Ways & Means Committee for taking an important step on the path toward achieving pro-growth, pro-manufacturing tax reform. The legislation introduced today serves as a good foundation for continued debate in Congress. The Association of Equipment Manufacturers and its more than 950 members support permanent tax reform that simplifies the code, lowers rates for all businesses, and ultimately creates good-paying manufacturing jobs in America.”
AT&T: “Comprehensive tax reform with competitive business tax rates will ensure lasting economic growth, investment and job creation. We are very encouraged by the legislation introduced today in the U.S. House that proposes a permanent 20 percent corporate tax rate. We look forward to working with the business community, members of Congress, and the President to enact this landmark legislation.”
Business Leaders for Michigan: “We are very pleased to see the House bill include a corporate rate of 20 percent. . . . We appreciate House Speaker Paul Ryan’s leadership and the bold action taken by Congressional leaders today in introducing this legislation. While we still need to review the details of the bill, this is an important step and we look forward to working with members of Congress and the Administration to enact meaningful tax reform this year.”
Business Roundtable: “Tax reform is the single most important action government can take to unleash private sector investment and spur economic growth that will benefit all Americans. We encourage all businesses to put aside their parochial interests and allow policymakers to come together to deliver legislation to the President’s desk by the end of the year.”
Chamber of Commerce: “This bold tax reform bill is exactly what our nation needs to get our economy growing faster. A lot of work remains to be done to get the exact policy mix right and move from a legislative draft to an enacted law. We share Chairman Brady’s commitment to permanent reform because temporary tax relief simply will not produce the pro-growth environment we all desire. The business community stands ready to be an active partner with lawmakers over the coming weeks—and every step of the way—as we push to complete a re-write of our outdated tax system.”
Consumer Technology Association: “CTA thanks House Speaker Paul Ryan (R-WI) and Ways and Means Committee Chairman Kevin Brady (R-TX) for charting a bold course on a once-in-a-generation opportunity to revolutionize our archaic and uncompetitive tax system. Bold tax reform provides us with a real opportunity of reviving American entrepreneurship at a time of decline. Just by lowering the corporate tax rate to 20 percent, our country will become one of the most attractive places to launch a startup and do business. CTA continues to review the details of the Tax Cuts and Jobs Act and is eager to work with Chairman Brady and the committee as this legislation moves forward.”
CRANE Coalition: “We applaud the House for pursuing increased economic growth and job creation by preserving the Modified Accelerated Cost Recovery System (MACRS), which has been proven over decades of bipartisan policymaking to support domestic investment by keeping the cost of capital lower. The House also builds on the MACRS foundation by instituting full expensing of machinery and equipment for five years. Along with the sharply reduced corporate tax rate, the continuation of MACRS and the institution of expensing will help ensure that U.S. businesses can compete at home and abroad with businesses from anywhere in the world.”
Entertainment Software Association: “Today’s tax reform proposal will energize tech sector innovation and economic opportunity. For the $30.4 billion US video game industry, which employs more than 220,000 people all across the United States, the pro-growth policies introduced will incentivize greater US investment and more high-quality American jobs. ESA commends Speaker Ryan, Chairman Brady, House leadership, and the Ways and Means Committee for crafting a reform package that drives US economic growth. The video game industry is committed to working with congressional leaders at every stage of this process.”
Family Business Coalition: “The Tax Cuts & Jobs Act combines historic middle-class tax relief with bold pro-growth tax cuts for small businesses. Permanent death tax repeal removes a crushing burden from the backs of family businesses and farmers across the country.”
Financial Services Roundtable: “Meaningful tax reform will unleash needed economic growth and benefit more Americans. As the legislative process moves forward, we are committed to working with policymakers to push a simpler, fairer and more modern tax code over the finish line.”
Food Marketing Institute: “FMI firmly believes that broad-based tax reform that lowers effective rates, simplifies the tax code and creates a level playing field for all industries will unleash innovation and help the industry create good-paying jobs for its associates and an enhanced shopping experience for its customers.”
FedEx: “We applaud the U.S. House of Representatives and the Senate Finance Committee for the passage of their Tax Cuts and Jobs Act legislation. These bills offer pro-growth, pro-business tax reform solutions that will power the economy, increase business investment, and expand job opportunities. We encourage Congress to deliver the final votes needed to modernize the U.S. tax code and improve America’s competitiveness.”
Grocery Manufacturers Association: “This is a critical step forward towards enacting the first major overhaul of our tax system in 30 years. Food, beverage, and consumer products manufacturers have long supported necessary tax reforms to create good American jobs and help our economy thrive, and we applaud this progress. “By creating a tax system that includes a lower internationally competitive tax rate and a territorial approach, Congress can help level the playing field for our nation’s manufacturing industry, strengthen the purchasing power of American consumers, and drive economic growth for American workers.”
Independent Community Bankers of America: “ICBA remains strongly encouraged by the continued dedication of Congress and the Trump administration to passing pro-growth tax reform. We support lowering the marginal tax rates for businesses and individuals, and will comprehensively review the House tax plan released today and provide feedback to lawmakers."
Information Technology Industry Council: “America needs a pro-growth tax reform bill that modernizes the nation’s antiquated tax code. If done right, tax reform will place American companies on a level-playing field, increase competition globally and create more jobs for Americans. These are the standards we will use to evaluate the entire legislative package. The tech industry thanks Chairman Brady and the members of the House Ways and Means Committee for continuing to prioritize this once-in-a-generation opportunity. We look forward to reviewing this plan.”
Insured Retirement Institute: “We were very pleased to see today that Speaker Paul Ryan (R-WI), House Ways and Means Chairman Kevin Brady (R-TX) and all the members of the House Republican Conference recognized the crucial role tax-deferral plays for Americans saving for their retirement. The 'Tax Cuts and Jobs Act' legislation maintains the tax-deferred treatment of retirement savings and preserves Americans right to choose how their retirement savings will be taxed. It will allow Americans to continue to use what has proven to be an effective tool to help them save during their working lives when their income, taxes, and expenses are highest.”
Intuit: “Intuit is pleased Government is taking up tax reform and tax simplification, and moving toward Congressional consideration of this critical priority. We recognize that these issues will evolve as Congress works through the legislative process. Intuit has long advocated for tax simplification for individuals, families, small businesses and the self-employed. Our mission to ‘Power Prosperity Around the World’ demands that we champion a simpler tax code and common-sense tax reform that reduces the burden on American taxpayers and helps them improve their financial lives.”
Job Creators Network: “Today’s tax bill is a step forward that will help millions of small businesses. From simplifying accounting rules and allowing for immediate expensing to lowering tax rates, this bill will help Main Street businesses invest, grow and create bigger paychecks for American workers. Many pass-through small businesses will benefit from the new top 25 percent small business tax rate. Others will benefit from the larger standard deduction and the elimination of the 15 percent tax bracket.”
Motion Picture Association of America: “The MPAA applauds Chairman Kevin Brady and all the members of the Ways and Means committee for their work to release pro-growth tax reform legislation. The U.S. film and television industry supports two million American jobs and a network of thousands of small businesses across all 50 states. We are encouraged that the committee’s proposed changes to the U.S. tax code will encourage further job creation and economic growth."
National Association of Broadcasters: "Local broadcasters applaud today’s House Ways and Means Committee introduction of comprehensive tax reform legislation that will grow America’s economy, specifically their decision to retain the full and immediate deductibility of business advertising expenses. Study after study has shown that advertising is a driving engine for economic growth, sustaining and supporting millions of high-paying American jobs, and today’s legislative framework recognizes those important benefits. NAB looks forward to working with members on both sides of the Capitol towards passage of comprehensive legislation that modernizes the tax code to the benefit of American businesses and families.”
National Association of Manufacturers: “Today is a tremendous day in America thanks to this grand slam for hardworking manufacturers and the U.S. economy. The proposal is a guaranteed path to surge investment, jobs and economic growth that will lead to better lives for every American. . . . Above all, manufacturers are cheering this bold proposal by Chairman Brady, Speaker Ryan, Chairman Black and other House leaders because these tax cuts will make a real and positive difference for middle class Americans, creating more wealth for higher wages, to reduce the cost of living and to increase savings for retirement and the future. These outcomes are what these real reforms are all about—and why they’re needed."
National Association of Wholesaler-Distributers: “We applaud the House Ways and Means Committee and Leadership for their perseverance and determination to bring this once-in-a-generation opportunity to a successful conclusion. We appreciate that as they developed this tax reform proposal, Chairman Brady and his staff sought input from stakeholders, and that they continue to seek input now that the bill has been released. We will quickly review the provisions affecting business taxpayers and provide constructive commentary as this long-awaited process moves forward.”
National Restaurant Association: “The National Restaurant Association applauds the tax reform legislation released today by Chairman Kevin Brady and the House Ways and Means Committee. Tax reform will help restaurants continue to be economic engines and job creators. We will continue to work with Congress as the negotiations regarding tax reform progress.”
National Retail Federation: “President Trump wants to sign tax reform into law by Christmas, and we think that would be the perfect present for the American people and the U.S. economy. . . . There are lots of details in this bill that need to be carefully examined, but we should focus on the art of the possible rather than letting the perfect be the enemy of the good. Let’s focus on the objective and get the job done.”
RATE Coalition: “Congress took another critical step today towards restoring America’s competitive edge in the globalized marketplace. . . . Now that a bill to enact comprehensive reform has finally emerged after more than thirty-one taxing years, we look forward to reviewing its details with the diligence America’s businesses and workers deserve. Fixing our broken tax system is a once-in-a-generation opportunity and the RATE Coalition stands ready to help Congress make the most of this moment.”
Real Estate Roundtable: “By reducing barriers to private sector capital formation and business investment, tax reforms in the House bill will boost economic demand and job growth. The bill would reduce the tax burden on all job-creating businesses, not only C corporations. If the final bill is similar to the one introduced today, our industry will put more people to work modernizing and improving existing properties—office buildings, shopping centers, apartments, industrial properties—to meet the changing and growing needs of American businesses and consumers.”
Retail Industry Leaders Association: "America’s retailers pay among the highest effective corporate tax rates among all industries, which is why retailers are committed to reform that lowers rates for retailers and the customers they serve. While we continue to review the details, we are strongly encouraged by the House proposal to reduce taxes on the middle class and permanently lower the corporate tax rate to 20 percent. Tax reform that works for American businesses and families is vital to helping our economy grow. We look forward to working with Congress and the Administration to pass reform that works for retail, our customers and the economy.”
S&P Global: “S&P Global is encouraged by Congress taking the next step forward in achieving comprehensive tax reform. We firmly believe that transformative, permanent, and meaningful tax policy change is needed to make U.S. companies of all sizes more competitive in the global economy.”
Save Our Savings Coalition: “The proposal released today is good news for millions of middle-class families across the nation. Under this plan, American workers, families, and retirees will continue to have the freedom to choose the savings vehicle that best suits their needs. We are extremely pleased that Congress has taken steps on behalf of hard-working Americans who rely on the security of their savings, although some technical changes in the bill will impact the retirement system, and the Coalition is analyzing those changes to assess their impact.”
Securities Industry and Financial Markets Association: “Today is another step towards significant tax reform. There is much to review in Chairman Brady’s bill and we look forward to providing our thoughts as the process moves forward, but we remain committed to the ultimate goal of a more efficient, pro-growth tax code.”
Small Business & Entrepreneurship Council: “We are pleased that the permanent, lower rates agreed upon in the original tax framework are included in the proposal. Permanency is vital as businesses of all sizes need certainty to plan and make rational decisions about future investments and growth. . . . The process of getting a bill to President Trump’s desk has reached its next critical stage and entrepreneurs remain hopeful that tax relief and reform will be enacted this year. We thank House leaders and Chairman Brady for their work in getting us to this point. Achieving this important policy goal is needed to fuel confidence and business growth into 2018, encourage more people to start businesses, and bring widespread opportunity for many more Americans to attain financial security and the American Dream.”
TechNet: “TechNet strongly supports meaningful reforms to our tax code that will jumpstart our economy, usher in a wave of innovation and investment, and make us more competitive on the global stage. We thank Chairman Kevin Brady and his colleagues on the Ways and Means Committee for their work in developing this legislation and kicking off the most important phase of this debate. We are encouraged to see a commitment in this bill to significantly lower the corporate tax rate, make it easier for global businesses to bring back overseas earnings to invest here at home, promote startups, preserve the R&D tax credit, and restore the Investment Tax Credit. We will continue reviewing the details of this bill closely and work to ensure we do everything possible to seize this once-in-a-generation opportunity to modernize the tax code in a way that supports innovation and investment in the United States.”
United Technologies: “This is a watershed moment. We applaud the release of this bill and look forward to reviewing the details.”
UPS: "UPS, a global logistics provider and leading advocate for tax reform, commends Congressional leaders on the release of the Tax Cuts and Jobs Act, the next step in creating a simpler, but comprehensive tax system to stimulate the economy, create jobs and develop a globally competitive tax structure. We stand ready to work with congress to help support a bill that will fix our broken tax code and move the country forward on a policy proposal that recognizes the need for a globally competitive tax rate and a modern international tax system. We hope Congress will unlock the opportunity to make America more competitive in the global marketplace."