Saturday, December 2, 2017
Senate Passes A #GoodDealForWomen
Senate Takes Important Step Towards Historic Tax Reform that will Benefit Women
WASHINGTON, D.C. — Independent Women’s Forum Policy Director Hadley Heath Manning issued the statement below following 51-49 passage of the Senate tax bill:
"The U.S. Senate passed a tax bill that is a #GoodDealForWomen. This is an important step toward historic tax reforms that will benefit millions of American women and their families, allowing us to keep more of our hard-earned dollars, making tax filing easier, and spurring higher wages and the creation of new jobs. The package reduces rates for all individual tax brackets, doubles the standard deduction and the child tax credit, and reduces the corporate tax rate significantly.
"In specific ways, the Senate bill is an improvement over the House bill. It eliminates the penalty for going without government-approved health insurance, which primarily affects low-income households who can't afford insurance in today's over-regulated environment. It boosts the child tax credit to $2000, higher than the $1600 in the House bill, and it includes an incentive for businesses to offer paid leave.
"Reforming our complex U.S. tax code is not an easy task, practically or politically. Change — especially when overdue — can be intimidating. But Americans have lived for too long with an outdated tax system that picks winners and losers through a complicated set of loopholes and exceptions. The Senate bill addresses many of the problems in our tax code and puts our country on a better, fairer economic path, which will have rewards for all of us."
IWF recently released Working for Women supplement on tax reform. The document explains why tax reform offers an extraordinary opportunity to help women succeed in today’s economy.
Additionally, Working for Women: A Modern Agenda for Improving Women’s Lives, a report released by IWF last year, details a slate of policy reforms to help more women and families, in which they have more control over the most pressing parts of their lives – including reforms to the tax code to benefit women in the workforce and society.
Independent Women's Forum is dedicated to developing and advancing policies that aren’t just well intended, but actually enhance people’s freedom, choices, and opportunities.