Hultgren Welcomes Encouraging January Jobs Report

From the office of House Representative Randy Hultgren (R-IL, 14th)



Washington, D.C. - February 5, 2018 - (The Ponder News) -- U.S. Representative Randy Hultgren (IL-14) welcomed news that American employers added 200,000 jobs in January, and wages rose at their fastest pace in more than eight years. Many employers with locations throughout the 14th Congressional District have delivered higher wages, more bonuses and more investments, and have cited as a contributing factor the passage of the Tax Cuts and Jobs Act.

Click here for an ongoing list of employers who are taking action as a result of the legislation.

“My number one priority in Congress has always been getting Illinois back to work, and that’s going to be my continued laser focus. These jobs numbers at the beginning of the year give us great hope for 2018. American employers are enthusiastic about the Tax Cuts and Jobs Act and a predictable economy—and American workers and families are reaping the benefits,” said Rep. Hultgren. “Employers throughout northern Illinois and the 14th District are confident in the direction of our economy, and are already delivering higher wages, more bonuses and investing more to expand and hire.”

House Tax Bill Preserves Key Priorities for Entrepreneurial Ecosystem

Source: National Venture Capital Association

The National Venture Capital Association (NVCA) issued the following statement today after House Republicans unveiled their draft tax reform legislation.

“We view tax reform as a unique opportunity to encourage new company formation by modernizing the tax code to better reflect the realities of the entrepreneurial business model,” said Bobby Franklin, President and CEO of NVCA. “We are pleased the House Ways and Means Committee heard our message and is preserving several issues important to the entrepreneurial ecosystem, including Qualified Small Business Stock Rules and the R&D credit payroll offset. We are also pleased to see the inclusion of an NVCA-backed proposal to allow startup employees to defer taxes on their exercised stock options without a liquid market to sell them. As the process unfolds, we look forward to engaging with lawmakers on other ways tax reform can encourage new company formation, as well as reinforce for them the importance of long-term patient investment when considering changes to the taxation of carried interest capital gains.”

Venture capitalists are committed to funding America’s most innovative entrepreneurs, working closely with them to transform breakthrough ideas into emerging growth companies that drive U.S. job creation and economic growth. As the voice of the U.S. venture capital community, the National Venture Capital Association (NVCA) empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long-term investment. As the venture community’s preeminent trade association, the NVCA serves as the definitive resource for venture capital data and unites its member firms through a full range of professional services.

Read more about the "Cut Cut Cut" Act at The Ponder News by clicking HERE

AFSCME Pres. Lee Saunders on House Majority Tax Plan

Source: American Federation of State, County and Municipal Employees

Washington, D.C. - November 2, 2017 (The Ponder News) -- AFSCME Pres. Lee Saunders issued the following statement on the tax plan released today by House majority leaders that would dramatically benefit corporations and the wealthy at the expense of working people:

“This tax bill is another gift to the powerful corporate special interests who manipulate our politics and politicians.

“Working people, seniors, and children will pay for this bill’s tax giveaways to corporations and the super wealthy by way of partisan gamesmanship that will force cuts to Medicare, Medicaid, and public education. But to add insult to injury, the bill will starve communities of state and local public services, stifle job growth, and cause many middle class families to actually be hit with a tax increase.

“Real tax reform would ask corporations and the wealthy to pay their fair share, not reward them with more giveaways they don’t need, at the expense of working families.”

Read more about the "Cut Cut Cut" Act at The Ponder News by clicking HERE

Council statement on GOP tax reform bill

Source: American Benefits Council

Washington, D.C. - November 2, 2017 (The Ponder News) -- American Benefits Council President James A. Klein said the following upon Republican leaders’ release of the Tax Cuts and Jobs Act:

"Promoting savings, investment and economic growth is the goal of tax reform and retirement plans are how Americans save and invest. We are gratified today's proposal lets workers save for retirement in the way that best meets their financial security needs. We will work with Congress to ensure that retirement savings is protected as the tax reform process moves forward.”

The Council recently updated its 401(k) Fast Facts, a collection of statistics on the reach and importance of defined contribution retirement plans.

The American Benefits Council is the national trade association for companies concerned about federal legislation and regulations affecting all aspects of the employee benefits system. The Council’s members represent the entire spectrum of the private employee benefits community and either sponsor directly or administer retirement and health plans covering more than 100 million Americans.


Read more about the "Cut Cut Cut" Act at The Ponder News by clicking HERE

Statement from the President on the Tax Cuts and Jobs Act

Source: The White House



Washington, D.C. - November 2, 2017 (The Ponder News) -- I applaud the House Ways and Means Committee for introducing the Tax Cuts and Jobs Act, which is another important step toward providing massive tax relief for the American people. My tax reform priorities have been the same since day one: bringing tax cuts for hardworking, middle-income Americans; eliminating unfair loopholes and deductions; and slashing business taxes so employers can create jobs, raise wages, and dominate their competition around the world. The policies of my Administration have already helped to drive the stock market to all-time highs and the unemployment rate to a 16-year low. Economic confidence is skyrocketing and our GDP grew 3 percent yet again this quarter.

We are just getting started, and there is much work left to do. The special interests will distort the facts, the lobbyists will try to save their special deals, and some in the media will unfairly report on our efforts. But my Administration will work tirelessly to make good on our promise to the working people who built our Nation and deliver historic tax cuts and reforms -- the rocket fuel our economy needs to soar higher than ever before.

Read more about the "Cut Cut Cut" Act at The Ponder News by clicking HERE

Chairman Brady Introduces the Tax Cuts and Jobs Act

Source: House Ways and Means Committee




Washington, D.C. - November 2, 2017 (The Ponder News) -- House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced the Tax Cuts and Jobs Act – bold legislation to overhaul America’s tax code for the first time in 31 years. With this bill, a typical middle-income family of four, earning $59,000 (the median household income), will receive a $1,182 tax cut.

Upon introducing the Tax Cuts and Jobs Act – co-sponsored by Speaker Paul Ryan (R-WI) and all Ways and Means Committee Republican Members – Chairman Brady said:

“Today marks the beginning of the end of our nation’s broken tax code. 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.

“Our legislation is focused entirely on growing our economy, bringing jobs back to our local communities, increasing paychecks for our workers, and making sure Americans are able to keep more of the money they earn.

“For families, we’re lowering rates, eliminating costly deductions that drive up taxes, and significantly increasing the standard deduction to protect more of each paycheck from taxes. We’re boosting family-focused tax benefits like the Child Tax Credit to help families keep up with the rising costs of child care, higher education, and looking after their loved ones. And we’re eliminating taxes that punish hardworking families like the Alternative Minimum Tax.

“Our legislation also delivers unprecedented simplicity that will make it easier and more affordable for families across our country to file their taxes each April. For the first time in history 9 out of 10 of Americans will be able to file their taxes on a form as simple as a postcard.

“And we’re making America competitive again so our workers can compete – and win – anywhere in the world, especially here at home. By delivering tax relief to businesses of all sizes, the Tax Cuts and Jobs Act makes it easier for entrepreneurs to achieve the American Dream – to start a business and create jobs in our local communities, and it entices employers to bring their headquarters and jobs back home.

“We made a promise to deliver tax reform that creates more jobs, fairer taxes, and bigger paychecks. After years of work, the Tax Cuts and Jobs Act is our answer.

“The legislation is now available online so our workers, families, and job creators can see how tax reform will improve their lives. I’m confident in the weeks ahead we will move this important legislation forward and work with the Senate to send a unified bill to President Trump’s desk by the end of the year.”

Read more about the "Cut Cut Cut" Act at The Ponder News by clicking HERE

AEM: Tax Cuts and Jobs Act a Big Step Forward

Source: Association of Equipment Manufacturers




Washington, D.C. - November 2, 2017 (The Ponder News) -- Equipment manufacturing leaders issued statements on Thursday hailing the release of The Tax Cuts and Jobs Act by leaders in Congress.

Association of Equipment Manufacturers (AEM) President Dennis Slater said:

The equipment manufacturing industry commends Speaker Ryan, Chairman Brady and all the members of the House Ways & Means Committee for taking an important step on the path toward achieving pro-growth, pro-manufacturing tax reform. The legislation introduced today serves as a good foundation for continued debate in Congress. The Association of Equipment Manufacturers and its more than 950 members support permanent tax reform that simplifies the code, lowers rates for all businesses, and ultimately creates good-paying manufacturing jobs in America.

Equipment manufacturers have tirelessly advocated for pro-growth tax reform that improves the business environment for manufacturers in the United States and makes us more competitive as a nation. True reform is going to require hard work. Our elected leaders, regardless of party, should take their cues from the 1.3 million men and women of our industry, and put in the hard work necessary to enact meaningful and permanent tax reform that will create jobs and grow our economy.

Incoming AEM Chair and Doosan-Bobcat NA President Rich Goldsbury said:

The Tax Cuts and Jobs Act introduced today is an important first step toward meaningful reform of our outdated tax code. I applaud Speaker Ryan and Chairman Brady for their leadership and hard work to bring about pro-growth tax reform that will strengthen manufacturing in America and make our economy more competitive. There is much work to be done, but I am encouraged that the final product will create a modern tax code for the modern manufacturing economy.

Vermeer Corporation President and CEO Jason Andringa said:

Equipment manufacturers need a simpler tax code that provides permanent tax relief for manufacturing companies of all types. The Tax Cuts and Jobs Act introduced today is an important step toward comprehensive tax reform that will tilt the global playing field back in favor of U.S. manufacturers and spur manufacturing job growth across America. I urge our elected officials in Washington to work together to enact permanent and comprehensive tax reform to grow the economy and create more jobs for Americans.

Rick Alton, President, Compact Equipment Division, Manitou Group, said:

The tax reform legislation introduced today in Congress is an important step toward improving the business environment for manufacturers in the United States. Equipment manufacturers support pro-growth tax reform, and hope that Congress will work swiftly to simplify the code, lower rates for manufacturers of all types, and encourage manufacturing job growth in America.

General Kinematics President Tom Musschoot said:

I want to commend our leaders in Congress for introducing comprehensive tax reform legislation. This proposal would provide meaningful tax relief for equipment manufacturers including General Kinematics. Congressman Peter Roskam, who serves as chair of the Tax Policy Committee, deserves special credit for listening to the needs of his constituent businesses in putting together this legislation. We look forward to working with Congressman Roskam to advance comprehensive tax reform, which will help to improve U.S. manufacturers' global competitiveness in the decades to come.

AEM released a report earlier this month outlining the industry's priorities for tax reform. A copy of that report can be found here

Read more about the "Cut Cut Cut" Act at The Ponder News by clicking HERE

MCMORRIS RODGERS: TAX CUTS AND JOBS ACT IS “MUST-PASS LEGISLATION”

Source: Cathy McMorris Rodgers (R-WA, 5th)




Washington, D.C. - November 2, 2017 (The Ponder News) -- Eastern Washington Congresswoman Cathy McMorris Rodgers (WA-05) released the following statement after the Ways and Means Committee announced the introduction of the Tax Cuts and Jobs Act, pro-growth and pro-family legislation that overhauls the outdated tax code to put working men and women first. Sponsored by Ways and Means Committee Chairman Kevin Brady (R-TX), the tax reform plan creates more jobs, fairer taxes, and bigger paychecks for all Americans. To read the bill, text “TAXREFORM” to 50589.

“We have a historic opportunity to improve people’s lives and make our economy boom. This is must-pass legislation for Republicans,” said McMorris Rodgers. “We are lifting the tax burden off hardworking Americans and their families. Our plan will put more money in people’s pockets, reward and restore the dignity of hard work, and encourage innovation, creativity, and entrepreneurship.

“Our tax reform plan is written with working families in mind. Our plan means more jobs, fairer taxes, and bigger paychecks, and that starts with helping those who are working hard but not getting ahead. American families deserve a tax code that doesn’t stand in the way of success. We want everyone to have the opportunity to realize their full potential and pursue their version of the American dream, and that begins with reforming the broken tax code.

NOTE: Over the past year, the Congresswoman has been hosting a number of tax reform roundtable around Eastern Washington to hear directly from people about the issues they are facing in the tax code and the benefit that relief might bring to them and their families. The Congresswoman’s top priority is to hear directly from middle-class families about why tax reform is so important to them and their communities. For more information about the GOP’s tax reform plan visit FairandSimple.GOP or text “TAXREFORM” to 50589.

Details for individuals and families:

Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35% so people can keep more of the money they earn throughout their lives, and continues to maintain 39.6% for high-income Americans.

Significantly increases the standard deduction to protect roughly double the amount of what you earn each year from taxes – from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples.

Eliminates special-interest deductions that increase rates and complicate Americans’ taxes – so an individual or family can file their taxes on a form as simple as a postcard.

Takes action to support American families by:

Establishing a new Family Credit – which includes expanding the Child Tax Credit from $1,000 to $1,600 to help parents with the cost of raising children to help all families with their everyday expenses.

Preserving the Child and Dependent Care Tax Credit to help families care for their children and older dependents such as a disabled grandparent who may need additional support.

Preserves the Earned Income Tax Credit to provide important tax relief for low-income Americans working to build better lives for themselves.

Streamlines higher education benefits to help families save for and better afford college tuition and other education expenses.

Continues the deduction for charitable contributions so people can continue to donate to their local church, charity, or community organization.

Preserves the home mortgage interest deduction for existing mortgages and maintains the home mortgage interest deduction for newly purchased homes up to $500,000 – providing tax relief to current and aspiring homeowners.

Continues to allow people to write off the cost of state and local property taxes up to $10,000.

Retains popular retirement savings options such as 401(k)s and Individual Retirement Accounts so Americans can continue to save for their future.

Repeals the Alternative Minimum Tax so millions of individuals and families will no longer have to worry about calculating their taxes twice each year and pay the higher amount.

Provides immediate relief from the Death Tax by doubling the exemption and repealing the Death Tax after six years. Family-owned farms and businesses will no longer have to worry about double or triple taxation from Washington when they pass down their life’s work to the next generation.

Details for job creators of all sizes:

Lowers the corporate tax rate to 20% – down from 35%, which today is the highest in the industrialized world – the largest reduction in the U.S. corporate tax rate in our nation’s history.

Reduces the tax rate on the hard-earned business income of Main Street job creators to no more than 25% – the lowest tax rate on small business income since World War II.

Establishes strong safeguards to distinguish between individual wage income and “pass-through” business income so Main Street tax relief goes to the local job creators it was designed to help most.

Allows businesses to immediately write off the full cost of new equipment to improve operations and enhance the skills of their workers – unleashing the growth of jobs, productivity, and paychecks.

Protects the ability of small businesses to write off the interest on loans that help these Main Street entrepreneurs start or expand a business, hire workers, and increase paychecks.

Retains the low-income housing tax credit that encourages businesses to invest in affordable housing so families, individuals, and seniors can find a safe and comfortable place to call home.

Preserves the Research & Development Tax Credit – encouraging our businesses and workers to develop cutting-edge “Made in America” products and services.

Strengthens accountability rules for tax-exempt organizations to ensure the churches, charities, foundations, and other organizations receiving tax-exempt status are focused on helping people and communities in need.

Modernizes our international tax system so America’s global businesses will no longer be held back by an outdated “worldwide” tax system that results in double taxation for many of our nation’s job creators.

Makes it easier and far less costly for American businesses to bring home foreign earnings to invest in growing jobs and paychecks in our local communities.

Prevents American jobs, headquarters, and research from moving overseas by eliminating incentives that now reward companies for shifting jobs, profits, and manufacturing plants abroad.

The House Ways and Means Committee will mark up the Tax Cuts and Jobs Act on November 6, 2017.

CLICK HERE to read the full legislative text of the Tax Cuts and Jobs Act.

CLICK HERE to read the section-by-section summary of the Tax Cuts and Jobs Act.

CLICK HERE to read the policy highlights in the Tax Cuts and Jobs Act.

CLICK HERE to read examples of how the Tax Cuts and Jobs Act will help Americans of all walks of life

CLICK HERE to read how the Tax Cuts and Jobs Act will help Middle-Income Americans.

CLICK HERE to read how the Tax Cuts and Jobs Act will help Main Street businesses.

CLICK HERE to read how the Tax Cuts and Jobs Act will unleash American competitiveness and create American jobs.

Read more about the "Cut Cut Cut" Act at The Ponder News by clicking HERE

American Action Network Statement On Introduction of The Tax Cuts and Jobs Act

Source: American Action Network




Washington, D.C. - November 2, 2017 (The Ponder News) -- American Action Network (@AAN) Executive Director Corry Bliss released the following statement following the introduction of The Tax Cuts and Jobs Act:

“The tax bill introduced in the House today will provide relief for American families and small businesses with a simpler, fairer tax code. Meaningful tax reform means higher wages, more jobs, and a $1,200 tax cut for the average middle-class family. Congress must work together to swiftly pass this tax reform bill, and the American Action Network is committed to spend an additional $8 million supporting this legislation, bringing our total spending to over $22 million advocating for tax cuts for the middle class.”

American Action Network’s Middle-Class Growth Initiative (MCGI), was launched in August to advocate for the passage of meaningful tax reform legislation. The multi-pronged effort, now totaling $14 million, includes advertising on television, radio, direct mail, and mobile billboards in over 50 congressional districts nationwide. AAN has pledged to spend at least $22 million total in efforts to support the passage of tax reform.

Read more about the "Cut Cut Cut" Act at The Ponder News by clicking HERE