WASHINGTON – Sen. Chuck Grassley of Iowa, a senior member and former chairman of the Senate Finance Committee, which has exclusive Senate jurisdiction over tax policy, made the following comment on the release of the House Ways and Means Committee draft tax reform proposal.
“The release of the House tax reform proposal is a critical step forward in passing middle class tax relief and pro-growth tax reform. As outlined in the framework, tax reform legislation should lower overall rates, simplify the tax code and make the U.S. economy more competitive. It should also help spur hiring, investment and increased wages. I’m reviewing the House tax reform plan, but it’s important to remember that the Senate is writing its own plan. I’m going to work to make sure that the final bill includes relief for small businesses, addresses the unfair estate tax and includes reforms that make U.S. industry and workers more competitive in the global economy. The tax code hasn’t been overhauled in a generation. Tax reform would jumpstart the economy and get it growing at a strong and consistent clip so that all Americans experience the benefits.”
As chairman of the Senate Finance Committee, Grassley previously led through Congress $2 trillion in bipartisan tax relief, leaving more money in workers’ pockets, reducing tax rates across the board and spurring economic growth and activity. Congress later made permanent the vast majority of the Grassley-led measures with significant bipartisan support.
According to the Ways and Means Committee, “The Tax Cuts and Jobs Act will deliver real tax relief to Americans across the country – especially low- and middle-income Americans who have been struggling for far too long to earn a raise and get ahead. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.”