With a Republican Congress and President, 2017 finally looked like the time for the promises made to the American people for the last 6 years to be fulfilled. One of these promises has been for comprehensive tax reform to jump-start the American economy and keep more money in the wallets of hard working Americans.
Yet rather than look to uphold their promise to the American people to pass tax reform that would benefit all Americans, the House leadership proposal has instead put forth a “reform” proposal that will have serious negative consequences on everyday Americans.
The current proposal has a “border adjustment tax” which would be a 20 percent tax that would be placed on every good imported into the United States. The taxes on imports would be passed on to consumers raising the price on everything from your favorite fruits and vegetables to the gasoline you put in your car. While many Americans have yet to see a raise since the great recessions the first tax reform proposed by Republicans in 2017 would raise costs on those who could least afford it.
Although the current proposal does have some positives like slashing the highest in the world corporate tax rate, a trillion-dollar tax hike on consumers is not the way to pay for it. Rather, Congress should look to rein in excessive government spending before asking for more money from the American people.
When it comes to holding both sides of the political aisle accountable, Americans for Prosperity will do everything in its power to make sure Republicans keep their promise to the American people.