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Democrats Announce Tax Reform Demands

by Mike Godfrey, Tax-News.com, Washington

26 October 2017


Democrats want a tax code that supports middle-class families, small businesses, and innovators, closes the skills gap, and expands infrastructure investment, according to Senator Richard Neal (D-MA).

In a statement released on October 25, Ways and Means Committee Ranking Member Neal set out the measures that a tax reform package should include to receive support from Democrat lawmakers, including:

  • Relief for middle-class families including a raise in income, maternity and paternity leave, an expanded Earned Income Tax Credit, and an expanded Child Tax Credit;
  • More education opportunities including tax incentives to students pay off their loans, and an expanded American Opportunity Tax Credit to help pay for tertiary education;
  • Increased assistance for childcare and dependent care including for elderly parents;
  • An improved method of saving for retirement including automatic 401(K) plans and an expanded Savers' Credit;
  • A new tax credit to help employers train and hire new workers to close the skills gap;
  • Expanded infrastructure investment including tax-exempt bond financing for infrastructure projects; and
  • Tax relief and simplification for small businesses, an increase in the domestic manufacturing deduction, and additional tax incentives for manufacturers that build and hire in the US.

"Democrats want real tax reform for real people," said Neal. "This country is long overdue for real tax reform that helps middle-class families, and those striving to reach the middle class, get ahead."

TAGS: tax | investment | small business | business | tax incentives | retirement | education | manufacturing | legislation | United States | tax reform | Tax

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