Ways and Means Committee approves Tax Cut and Jobs Act

The House ways and Means Committee approved the Tax Cuts and Jobs Act, drawing praise from the Financial Services Roundtable (FSR).

FSR CEO Tim Pawlenty called it an important step in growing the economy.

“America needs a better tax code that will help our country go on economic offense and boost wages for more hardworking Americans,” Pawlenty said.

Pawlenty said the proposal will enable more Americans to access financial products and services. However, Pawlenty said there are areas of the bill that may need further refinement. The organization will engage with Congress on these matters as it moves through the legislative process.

A poll conducted by FSR/Morning Call showed that three in four voters (73 percent) said passing a tax reform bill should be a top or important priority for Congress. Further, 87 percent said it is important to simplify the U.S. tax system.

The Credit Union National Association (CUNA) is pleased that the bill has not eliminated the tax-exempt status of credit unions.

“Advancing this bill for House consideration is the next step in the tax reform process, and CUNA will engage with policymakers in both Houses of Congress as the process continues,” CUNA President and CEO Jim Nussle said. “CUNA remains committed to tax reforms that build and support a strong middle class, and will continue our advocacy.”

The bill, H.R. 1, is expected to be considered by the full House consideration this week.