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November 7, 2017                                                                                                     Jason Mercier (509) 491-3393

Congress is currently debating the first major tax reform since the landmark 1986 tax changes under President Ronald Reagan. This is a historic opportunity for real and meaningful tax relief to help working families and business owners in Washington state and across the country.
 
“Reducing the federal tax burden will promote jobs, private investment, and opportunity for all, and will allow Washingtonians to keep more of their own money in the family budget,” said Dann Mead Smith, President of the Washington Policy Center. “Now is the time for Congress to enact much needed tax relief.”
 
Several specific provisions are under consideration that have the potential to reduce Americans’ tax burden. These ideas include:

• Nearly doubling the standard deduction, thus eliminating the need for many middle-class families to itemize their deductions;
• Increasing the family tax credits;
• Lowering the corporate tax rate to spur private investment, innovation, and job growth; 
• Moving to a territorial tax system, so the U.S. government stops punishing companies for investing profits earned overseas in the United States. 
• Permanently repealing the federal death tax over six years. 

Other proposed changes would simplify deductions and rules to reduce the cost of complying with the tax code. With many intertwining parts of the tax bill, it will be important for Congress to get the details right so that taxes are not inadvertently increased.
 
“The policy goal should be for permanent across-the-board cut in taxes, so that everyone who pays taxes, at all income levels, can keep more of their hard-earned money,” said Mead Smith. “Washington Policy Center has been a longtime advocate for reducing the tax burden imposed by all levels of government. We are encouraged to see Congress propose long overdue tax relief.”  
 
In addition, state officials including Governor Jay Inslee, who recently expressed his concern about the tax burden increasing for some Washingtonians, could assist the effort by announcing a reduction in state taxes to complement the federal tax relief effort.

Additional Information
Tax Foundation: Details of the Tax Cuts and Jobs Act
Tax Foundation: The Tax Cuts and Jobs Act - The Impacts on Jobs and Incomes by State
Wall Street Journal: What the Republican Tax Plan Means for You
Washington Post Fact Checker: Senate Democrats falsely claim GOP tax plan will raise taxes for most working-class families

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Washington Policy Center
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