Earlier this month, the U.S. of House Representatives Ways and Means Committee introduced a series of proposals that build off the Tax Cuts and Jobs Act enacted last December. Dubbed Tax Reform “2.0”, the bills focus on the expiring provisions of the Tax Cuts and Jobs Act, as well as retirement and entrepreneurship tax issues.
Despite framing to suggest this legislative package would update the Tax Cuts and Jobs Act, Tax Reform 2.0 moves us no closer to creating a tax code that is fair, equitable and inclusive. In fact, Tax Reform 2.0 would permanently cement the inequities of the 2017 law.
The House is currently in the middle of moving Tax Reform 2.0 through its chamber. Last week, the House Ways and Means Committee voted to move the three proposals that make up this package out of committee. It’s expected that the full House will vote on the proposal sometime next week.
To learn more about Tax Reform 2.0 and its effects, see our comprehensive list of resources below.
We invite you to join a number of Tax Alliance members next Thursday on September 20 for a Day of Action to fight back against this second round of tax cuts for the wealthy. We also ask that you help us spread the word by sharing the Day of Action and the resources in this newsletter with your respective networks.
With your support, we can broaden our base of advocates on Capitol Hill and around the country.
Tax Alliance for Economic Mobility
Featured: Resources from the Center on Budget and Policy Priorities on Tax Reform 2.0
In the days prior and after the U.S. House Ways and Means Committee introduced the three bills that make up Tax Reform 2.0—H.R. 6760, H.R. 6757and H.R. 6756—the Center on Budget and Policy Priorities (CBPP), a Tax Alliance member, published a number of resources focused on the proposals. These include:
New House Republican Tax Proposal Fails Fiscal Responsibility Test, While Favoring the Wealthiest
House Republican “2.0” Tax Plan Favors Wealthiest, Makes Fiscal Problems Worse
“Universal Savings Account” Proposal in New Republican Tax Bill Is Ill-Conceived
House GOP Shouldn’t Again Shortchange Working Families With “2.0” Tax Plan’s Child Credit
2017 Tax Law’s Child Credit: A Token or Less-Than-Full Increase for 26 Million Kids in Working Families
Indexing Capital Gains for Inflation Would Worsen Fiscal Challenges, Give Another Tax Cut to the Top
Second Round of House GOP Tax Cuts Would Have Massive Long-Run Cost(Center for American Progress)
Tax Reform 2.0 Makes Inequality Even Worse, Here’s a Better Way Forward(Prosperity Now)
New Legislation Seeks to Curtail America’s Savings Crisis (Prosperity Now)
Latest GOP Tax Package Is Also Skewed Toward the Rich (Institute on Taxation and Economic Policy)
Extending The TCJA Would Cut Revenue By $3.8 Trillion Through 2038, Mostly Benefit The Well-Off (Tax Policy Center)
2017 Tax Cuts: Congress’ Missed Opportunity (Center for Law and Social Policy)
“New estimate: GOP’s second tax cuts would add $3.8 trillion to deficit,” Washington Post, September 13, 2018
“House panel advances tax-cut bills,” CNBC, September 13, 2018
“House Republicans unveil bills for second round of tax cuts,” CBS News, September 10, 2018
“D.C. and Congress can help families in financial straits. Here’s how.” Washington Post, August 10, 2018
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