The House of Representatives and the Senate versions of the Tax Cuts and Jobs Act share many similarities, according to former House of Representatives speaker Newt Gingrich.
Both versions "will grow the economy, create jobs, and help Americans keep more of their hard-earned money," Gingrich wrote in an opinion piece Thursday on the Fox News website.
Both plans nearly double the standard deduction and increase the child tax credit, Gingrich wrote, a Republican who represented Georgia during his House tenure.
"Regardless of approach, the important point is that both bills seek to grant historic tax relief to the men and women who help make our economy run," Gingrich wrote, noting both plans would cut the corporate tax rate from 35 percent to 20 percent.
Another change in both bills is a modification to the way the U.S. taxes income that American companies bring in from foreign countries. He said the current system is "terrible," and it gives companies incentives to keep jobs and money outside the U.S.
Both bills change that system, the former House speaker wrote.
"Both the House and Senate bills put in place a territorial tax system that puts an end to the current system and instead encourages U.S. businesses to invest foreign earnings here at home, rather than overseas," Gingrich wrote in the Fox News opinion piece.
"No policy disagreement is more important than growing the economy, creating jobs, and helping hardworking Americans keep more of their money," according to Gingrich.
Gingrich also weighed in Nov. 7 on the importance of Republicans passing tax reform.
"If this tax cut bill is allowed to fail, the future for the GOP will be in peril," Gingrich wrote in The Hill.
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