In the early morning hours last Saturday, the U.S. Senate passed their version of pro-growth tax reform, the Tax Cuts and Jobs Act. Please take a look at how your Senator voted, and be sure to thank those who took a tough stand for tax reform.
Similar to the House bill, the Senate’s package would lower rates for all businesses, shift the United States to a more globally competitive territorial tax system, and lower individual taxes, among other things. As U.S. Chamber President and CEO Tom Donohue said, “The decades-long drive toward meaningful tax reform is closer than ever to becoming a reality.”
So, what’s next for pro-growth tax reform? The House and Senate must sit down and hash out the differences between their two bills in conference, with the final product being approved by both houses of Congress and signed into law by the President, hopefully before the ball drops on 2017! During conference, we will continue to advocate vociferously for improving some major line items in both of these bills, such as the Senate provision regarding reinstatement of the corporate alternative minimum tax, and getting the best deal we can to protect pass-through businesses.
In the meantime, please continue to check out https://www.taxreformforamerica.com/ for more information on how tax reform affects your neighborhood and your state, as well as for a quick tool to weigh in with your Federal elected officials.
This is the stretch run for pro-growth tax reform; failure to pass the finish line is not an option.
Maggie, Kevin and Ben
Great Lakes Regional Office