ALG supports reported changes to tax cut legislation

Dec. 13, 2017, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement on the latest reported compromise on tax cuts by Congress:

“Reports on the House-Senate tax cut bill agreement are extremely positive. The lowering of rates, repeal of the Obamacare individual mandate, inclusion of at least partial state and local and property tax deductions, plus the allowance of medical expense deductions are important to ensuring tax relief for the vast majority of Americans. The disposition of many provisions however remains unreported. It is our hope that the Senate prevailed in closing the foreign reinsurance inversion loophole, which encouraged insurers to send their profits overseas to avoid taxation. Additionally, that the conference legislation will continue to allow for full same-year expensing of advertising costs, and that repatriation was incentivized to year one to provide maximum, immediate benefit to the U.S. economy. Finally, it is our hope that none of the tax cuts will be sunsetted, creating another unnecessary, unwanted tax hike cliff for a future Congress to deal with.”

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