AUSTIN – The Texas Public Policy Foundation released the following statements regarding the passage of the Tax Cuts and Jobs Act on Wednesday:
“Today’s vote for tax reform is real progress toward prosperity for all Americans,” said TPPF's senior economist Dr. Vance Ginn. “The pro-growth tax bill will lower tax rates, simplify the tax code and broaden the tax base. Cutting the corporate tax rate from 35 percent, the highest in the developed world, to 21 percent will make the U.S. much more competitive and attractive for investors. It even empowers parents who incur K-12 education expenses. We commend Congress for crafting the most important tax reform package we’ve seen in a generation. Going forward, Congress should now focus on spending cuts and reforms to make this a truly historic tax deal.”
“In particular, the inclusion of Senator Cruz’s amendment to expand 529 savings accounts in the tax bill is a big win for Texas families and families all across America,” said Drew White, senior federal policy analyst. “The Texas Public Policy Foundation has been on the forefront of changing this policy because it gives parents more freedom and more choice in choosing the best path for their child’s education. Cruz’s amendment means 529s are no longer just for college tuition, but can also be used for private and religious school tuition and tutoring. This is a critical step in advancing education freedom and will serve to empower parents and students rather than bureaucrats and unions. Senator Cruz should be applauded for his efforts in advancing such a positive and long overdue conservative policy proposal.”
For more information, please contact Alicia Pierce at [email protected] or 512-472-2700.
The Texas Public Policy Foundation is a non-profit free-market research institute based in Austin. The Texas Public Policy Foundation aims to advance a societal framework that effectively fosters human flourishing based upon cooperation and mutually beneficial exchange of ideas and speech.