2017 is the year of tax reform. There’s a lot of information circulating about our plan, and that can be overwhelming. That’s why we wanted to take a moment to lay out our goals for commonsense, pro-growth tax reform:
AFFORDABLE: A more affordable tax code means more money in your pocket.
Why? Because taxes are too high on individuals, families, and businesses, which means less money invested in our economy.
How? By cutting taxes on American workers, families, and businesses, consolidating the existing seven tax brackets into three, and eliminating costly, unnecessary taxes like the Alternative Minimum Tax and the Death Tax.
SIMPLE: A more simple tax code means less stress and uncertainty come tax season.
Why? Because the tax code today is way too complicated. The endless loopholes and deductions make it nearly impossible to figure out how much you will owe the government.
How? By throwing out special-interest loopholes and consolidating deductions, so your tax filing form looks more like a postcard than a Homer epic.
COMPETITIVE: A more competitive tax code means a stronger economy and more American jobs.
Why? Because the tax code today puts us at a disadvantage to our foreign competitors. We have the highest corporate tax rate in the industrialized world, which is directly contributing to the drain of American businesses and jobs overseas, and trapping trillions of dollars in profits abroad.
How? By slashing the corporate tax rate as low as possible so our businesses can actually compete, and by creating a new, lower tax bracket for small businesses.
To learn more, visit speaker.gov and check out the links below: