ALG urges conference to cut everyone’s taxes permanently, move repatriation to year-one and to close foreign reinsurance loophole

Dec. 7, 2017, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement urging the House and Senate conference committee on the tax cut bill to include specific provisions cutting everyone’s taxes, making tax relief permanent, incentivizing repatriation in year-one and closing the foreign reinsurance tax loophole:

“Now that the House and Senate have passed their tax cut bills, now comes the time to iron out the differences between the two. This process of course provides a crucial opportunity to improve the bill, which considering how often tax bills like this come up, might actually be the last opportunity to cut taxes for the next decade or so.

“We urge conferees to include a Senate provision that closes the foreign reinsurance tax loophole, which favors foreign insurers over domestic ones. There should be tax equity here.

“Foreign repatriation should be incentivized to occur in year-one, so that the economy gets maximum stimulus right away from foreign earnings coming back home all at once, creating a virtuous investment boom in U.S. businesses immediately. The sooner the better.

“Finally, House and Senate conferees should focus carefully on crafting a compromise that cuts every individual’s taxes. Nobody should be left guessing how the tax plan will affect their taxes. It should be unequivocal that everyone’s taxes are getting cut, and cut permanently. The conference should include the House provision that makes the tax relief permanent. Both plans include permanent corporate and business tax relief, which is good, but that must apply to the individual side as well. We shouldn’t be creating another fiscal cliff in 2025 or any other year. If spending must be cut in order to get an appropriate budget score to cut everyone’s taxes and to eliminate any sunsets, then cut spending.

“Just including President Trump’s plan to reorganize the non-defense federal bureaucracy could save $1.5 trillion over ten years, with those saving applied to the tax bill. A skinny Obamacare repeal could save another $280 billion. And so forth. For conferees, all options need to be on the table to ensure that the tax relief that is provided today applies to everyone, and will not sunset at a later date.”

Attachments:

“Poll: 42 percent of voters think their taxes go up under GOP tax plan, even though they don’t. Here’s why.” By Robert Romano, Dec. 7, 2017 at http://netrightdaily.com/2017/12/poll-42-percent-voters-think-taxes-go-gop-tax-plan-even-though-dont-heres/

“The GOP tax bill is better than you think, but it still might result in a ‘Read my lips’ moment,” By Robert Romano, Nov. 27, 2017 at http://netrightdaily.com/2017/11/the-gop-tax-bill-better-think-still-might-result-read-lips-moment/

“Trump, GOP tax cuts in time for Christmas,” By Robert Romano, Dec. 4, 2017 at http://netrightdaily.com/2017/12/trump-gop-tax-cuts-time-christmas/

Interview Availability: Please contact Americans for Limited Government at 703-383-0880 ext. 100 or at media@limitgov.org to arrange an interview with ALG experts.

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