For the first time in more than 30 years, a sweeping bill that would rewrite the U.S. tax code made its way through the U.S. House of Representatives Thursday, hours before a similar bill cleared the Senate Finance committee.
NFIB welcomed the action on the Tax Cuts and Jobs Act, which passed the House by a vote of 227 to 205.
“Today, the House took a big step toward tax cuts that will help America’s small businesses grow and create jobs,” said NFIB President and CEO Juanita Duggan. “Small businesses account for more than half the jobs and half the economy. We look forward to working with the House and the Senate to get good small business tax cut legislation on the President’s desk soon.”
Late last week, NFIB came out in support of the bill, thanks to an amendment that reduces the tax rate on small pass-through businesses to 9 percent over five years without industry exclusions or restrictions. Maintenance of this tax relief is vital as the legislation advances to President Trump’s desk.
Significant differences between the bills remain to be reconciled.
“This will be met with Senate consternation and all kinds of things,” Representative Peter Roskam of Illinois told The New York Times. “But when it comes down to it, what we’re on the verge today is winning an argument — winning an argument about the future of our economy and what our worldview is.”