The America First Policy Institute (AFPI) has issued a statement from Greg Sindelar, its interim President and CEO, regarding the Senate's version of the One Big Beautiful Bill Act. Sindelar emphasized the importance of unity among Senate and House conservatives to advance this legislation. He said, "The Senate version of the One Big Beautiful Bill Act will help usher in the Golden Age of affordability as promised by President Trump."
Sindelar highlighted that immediate action is necessary for Congress to deliver on America First priorities. The bill aims to make the Trump tax cuts permanent and increase opportunity zones, which would allow families to retain more earnings rather than expanding government size. Additionally, it seeks to reform energy permitting processes, complete border security projects, and fund deportation operations.
The AFPI warns against failing to extend the 2017 Tax Cuts and Jobs Act (TCJA), also known as the "Trump tax cuts," which could lead to increased marginal rates for all taxpayers. This comes at a time when American families are facing financial challenges after four years under the Biden-Harris Administration. According to AFPI, these policies have resulted in high inflation, increased housing costs, record consumer debt, and regulatory compliance expenses.
AFPI policy experts stress the need for TCJA extension through their research reports. They argue that making these tax cuts permanent could restore higher growth rates and lower inflation levels similar to those during Trump's first term. The Office for Fiscal and Regulatory Analysis at AFPI suggests that without extending TCJA provisions, American families may face significant tax hikes.
The institute also notes that TCJA's corporate tax reforms have boosted economic growth by lowering rates, resulting in a 20% increase in domestic investment. AFPI research indicates that real GDP grew at an annual rate of 2.5%, with an increase of $2.3 trillion. The long-term domestic capital stock is expected to grow by an additional 7%, further increasing pre-tax wages alongside direct boosts from individual tax cuts.
In conclusion, AFPI believes that economic growth is key to overcoming what they describe as Biden-Harris stagnation rather than relying on more government programs.
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