To Make the Bill More Beautiful – it's time to go from good to great
By Steve Moore
WASHINGTON, D.C. (Texas Insider Report) — We are told that either today or tomorrow Senate Finance Committee Chairman Mike Crapo will announce his draft plan for the Senate version of the "One Big Beautiful Bill."
Time to go from good to great.We would suggest these four amendments to the House-passed bill:
- Lower the State and Local Tax deduction (SALT) from $40,000 in the House bill to $20,000. (It is currently $10,000 and should be zero.)
- End the House tax on remittances. This is a punitive double-tax on money earned or invested in the U.S., and will reduce foreign investment in America.
- Index capital gains tax for inflation. Taxing inflationary gains is unfair and indexing would raise the after-tax value of nearly every farm, ranch, property, and 401k plan in America. The unlocking effect would RAISE potentially $100 billion in tax revenues.
- Go for the Gold: Lower the tax rates and broaden the tax base by capping ALL deductions for those with incomes above $1 million and cutting tax rates by 10%.
- READ MORE: Here's 14 Hidden Gems in the House's 'Big Beautiful Bill'
- Our number-crunchers at the Committee to Unleash Prosperity rate the House-passed Tax Bill as a B – a good bill, not a great bill. That said, we've cherry-picked about a dozen of our favorite, unheralded items.
Steve Moore – a former Wall Street Journal Editorial Page writer and Chief Economist for The Texas Insider – is a Senior Fellow at both FreedomWorks and the Heritage Foundation. Along with Steve Forbes & Art Laffer, he is Co-Founder of the Committee to Unleash Prosperity. Using compelling charts, videos, and maybe even a little humor, Moore and the Committee's free Daily Newsletter provides information not readily available anywhere else – short and timely inside updates on the economy, the D.C. political landscape, and numerous other issues that help you stay informed and allow you to be the smartest person in the room.
