— Paul Ryan (@SpeakerRyan) June 20, 2017
Republicans are unified on a path forward on tax reform with three goals in mind: a code that is more simple, affordable, and competitive. But what does it actually mean to simplify the tax code, and, more importantly, what will it mean for you and your family?
There’s a reason we dread Tax Day, and it isn't just having to pay Uncle Sam. The filing process is such a hassle that most people need to shell out a bunch of money just to find out how much they have to pay in the first place. That's one reason we’re going to eliminate special-interest loopholes and carve outs, and consolidate those redundant deductions. This will allow you to file your taxes on a form the size of a postcard. Wouldn't that be something?
Today, you never really know how much you will owe the government in taxes. That’s in large part due to the fact that you have to navigate an endless stream of complicated deductions. Getting rid of excessive tax breaks and only keeping those that make the most sense will mean more financial certainty and peace of mind come tax season.
To us, it seems crazy that two people with the same income would pay vastly different amounts in taxes. How does that make sense? The way our code is rigged today tends to benefit special interests and high-income earners who can afford an army of accountants to pick the right mix of loopholes. A simpler and flatter tax code will mean a fairer tax code for everyone.
To learn more, visit speaker.gov or check out the links below: