Coalition Opposes Any Effort to Roll Back TCJA | Council For Citizens Against Government Waste

Coalition Opposes Any Effort to Roll Back TCJA

June 19, 2019

Conservative Groups Oppose Any Effort To Roll Back Tax Cuts and Jobs Act

The Honorable Richard Neal
Chairman
House Ways and Means Committee
United States House of Representatives
Washington, D.C. 20515

The Honorable Kevin Brady
Ranking Member
House Ways and Means Committee
United States House of Representatives
Washington, D.C. 20515

Dear Chairman Neal and Ranking Member Brady:
 

We write in opposition to any effort to roll back the Tax Cuts and Jobs Act (TCJA).
 

The Ways and Means Committee will soon markup legislation that accelerates a scheduled death tax increase by three years.
 

This would be a mistake – increasing the death tax will disproportionately harm small businesses and family owned farms.
 

The Tax Cuts and Jobs Act reduced taxes on American families at every income level and for businesses large and small.
 

A family of four earning the median income of $73,000 is seeing a federal tax cut of $2,000, while overall tax liability has dropped by almost 25 percent, according to a report from H&R Block. 
 

Family businesses are benefiting from the doubled death tax exemption and the creation of the 20 percent small business deduction for businesses organized as passthrough entities.
 

The TCJA also reduced the federal corporate rate from 35 percent (the highest in the developed world) to 21 percent. This rate reduction has made the U.S. competitive with other countries and has allowed businesses to invest in the economy and in American workers.
 

The TCJA’s corporate rate cut has directly lowered utility rates in all 50 states. This means lower water, gas, and electric bills for American households. Any increase in the corporate rate would directly raise the cost of utility bills.
 

The tax cuts have also grown the economy. The unemployment rate is at 3.6 percent --- the lowest rate since 1969 – and has been below 4 percent for 15 consecutive months. Similarly, nominal average wages have grown by at or above 3 percent for the past 10 months. An average of 196,000 jobs have been created each month over the past year.
 

Rolling back any part of the TCJA undermines these gains. As such, we urge you to reject any proposal to undo the TCJA including a death tax increase.

Click for PDF and List of Signatories

Issues Topics: 
Coalition/CAGW: 
Coalition Letters

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