Tax Reform Framework Heads Us in the Right Direction
The goals of tax reform are simple: more jobs, fairer taxes, and bigger paychecks for hardworking Americans.October baseball is coming. Regardless of who you root for on the field, you know that any team that has made it this far in the season is one that’s built on a strong foundation. They have the tools that it takes to hit harder, score the big runs, and ultimately win. Wouldn’t it be nice if America’s tax code provided the tools needed to help deliver a win for taxpayers and our economy?
The goals of tax reform are simple: more jobs, fairer taxes, and bigger paychecks for hardworking Americans. The tax code we have today doesn’t offer those opportunities. The last major tax overhaul was 31 years ago, and in that time the tax code as we know it has only grown more complex and unfair. America’s tax code is striking out.
After months of work, leadership of the House Ways and Means Committee and the Senate Finance Committee, the tax-writing bodies in Congress, along with the White House, unveiled a Unified Framework for Fixing our Broken Tax Code. This framework offers a positive direction to get tax reform signed into law that lowers rates for individuals and families and helps level the playing field for American businesses.
The framework includes a number of proposals to help inject new life into America’s economy. By doubling the standard tax deduction, the first $12,000 earned by an individual, or $24,000 for a married couple, would be tax-free. That helps you keep more of your hard-earned money. It also proposes an increase in the child tax credit as well as a credit for families caring for non-child dependents. By simplifying the tax code and eliminating a number of itemized deductions, it is predicted that nine out of ten taxpayers could file their taxes on a form the size of a postcard.
If we want businesses to grow and create new jobs, the tax code has to allow them to step up to the plate and compete. The framework proposes a lower tax rate for American businesses, and will help encourage them to keep their profits here at home. I am also pleased to see an elimination of the death tax, which unfairly targets family farms and small business owners. These are just some of the positive proposals presented by the framework that now must be translated into legislation. More information can be found at fairandsimple.gop.
We must provide tax relief that creates a simpler, fairer tax code, allows hardworking families to keep more of their money, and encourages businesses to invest in the United States. As this process continues, I look forward to reviewing the legislative text produced by the House Ways and Means Committee to make sure it will be a solid foundation for our economy. Congress has the opportunity to create a tax system that works for taxpayers, and it’s important that we act now to deliver tax relief to you and your family and help America’s economy win.