TAX POLICY - June 22, 2018 - Roundtable Weekly

Six-Month Anniversary of Tax Reform Showing Success; House Ways and Means Committee Chairman Kevin Brady Awarded Roundtable’s “Champion of the Economy” Award

Marking the half-year anniversary of the final passage of the Tax Cuts and Jobs Act (TCJA), House Ways and Means Committee Chairman Kevin Brady (R-TX) joined Speaker Paul Ryan (R-WI) and Secretary of the Treasury Steven Mnuchin in recognizing the law's benefits to American taxpayers and businesses.  (Video, National Association of Manufacturers, June 21)

  JD BR Rep. Brady AM 2018

 House Ways and Means Committee Chairman Kevin Brady (R-TX), center, was awarded The Real Estate Roundtable's Champion of the Economy Legislative Leadership Award for his efforts on the Tax Cuts and Jobs Act. 

• “In the six months since we reformed the tax code, we have the fastest growth in investments, new equipment, and technology since 2011. We’ve now seen almost nine out of ten manufacturers increase their investments—investing in their business, workers and their future.”  (Brady remarks, June 21).  Brady also touted tax reform’s results to-date in a Wall Street Journal commentary, “Six Months After Tax Reform, Something Big Is Happening.” 
 
• Chairman Brady was awarded The Real Estate Roundtable's Champion of the Economy Legislative Leadership Award last week for his efforts on the TCJA.
 
• Roundtable President and CEO Jeffrey DeBoer and Roundtable Chair William C. Rudin (Co-Chairman & CEO, Rudin Management Company, Inc.) presented the award during The Roundtable’s 2018 Annual Meeting.  DeBoer said, “Consumer confidence is at a 17-year high. Nearly one million jobs have been created since tax reform passed.  The 3.8 percent unemployment rate has been matched only once since 1969.  Wage growth is accelerating – 2.8 percent year-over-year last month.  GDP growth is widely expected to come in well over 3 percent in the second quarter.  All of this is happening as inflation remains stable near the Fed-targeted rate of 2 percent. In short, the bill has kick started the American economy and extended the economic cycle.”
 
• DeBoer added, “Chairman Brady successfully achieved what he set out to achieve—a positive investment environment, greater job growth, and more money in the pockets of American families and businesses.”

In his acceptance comments, Brady noted that the Ways and Means Committee is “continuing to clarify new parts of the tax code, work with Treasury and get technical corrections made.”  Brady also said his goal is to continue encouraging growth and investment.  “Early signs are very encouraging. The best is yet to come.”

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