Federal Tax Reform Bill Approved by U.S. House
From PA Chamber of Business & Industry
Last week, the U.S. House voted mostly along party lines – 227 to 205 – in favor of the “Tax Cuts & Jobs Act” – H.R. 1 – which aims to make significant updates to the Federal Tax Code for the first time in more than 30 years. Every member of Pennsylvania’s GOP Congressional delegation voted in the affirmative on the legislation. The U.S. Chamber is leading the charge in urging Congressional passage of federal tax reforms that would simplify the current, burdensome Tax Code; lower federal tax rates to improve the nation’s ability to compete; allow for the expense of capital investments to help free up a company’s cash flow and move to a territorial tax system, among other changes. All told, H.R. 1 would cut taxes by more than $1.4 trillion over the next decade.
The PA Chamber has joined the U.S. Chamber and more than 100 chambers of commerce nationwide in sending letters to Congress, calling on them to pass the legislation because it would improve America’s competitive edge, help to grow the domestic economy and improve our global standing.
Following the House’s action on H.R. 1, the PA Chamber issued a press release calling on both chambers to act quickly and get a federal tax reform package to President Trump’s desk by the end of the year. Two letters recently sent to Washington, D.C. also communicate the PA Chamber’s support for tax reforms – first, to the state’s congressional delegation urging support for a Main Street lending initiative that will help small business growth; and second, to the Commonwealth’s U.S. Sens. Toomey and Casey urging them to support the Tax Cuts & Jobs Act. The U.S. Senate Finance Committee (on which both Toomey and Casey serve) advanced its own version of a tax reform plan late last week, which could be taken up by the full Senate after the Thanksgiving holiday. Toomey voted ‘yes’ on the Senate bill, while Casey voted in the negative.
“The U.S. House and Senate’s approval of their respective tax bills are critical steps toward the ultimate goal of reforming our federal tax structure,” PA Chamber President Gene Barr stated. “The PA Chamber looks forward to working with our elected officials as the bills move through the legislative process and work begins on a final compromise.”
The Columbia Montour Chamber has not yet taken a position on the House’s tax bill.