“We Need President Trump’s Tax Reforms Now”
Our nation has not seen comprehensive tax reform in 31 years, that will change this year.
Our plan for tax reform is centered on shared goals of a simpler, fairer, and lower rate tax system. This will help raise GDP, boost wages, and make life better for people.
And as President Donald Trump focused in his speech in Springfield, Missouri Wednesday, the need for tax reform also reflects our nation’s ideals of opportunity and equality for all under the law.
No more winners and losers based on political preferences or proximity to power, but a tax code that works for our nation as a whole.
We strive for a simpler system because filing taxes should be as easy as filling out the back of a postcard. But it also follows the direct and authentic character that we share as Americans.
We’re tired of our neighbors getting the short end of the stick in the fine print, with the IRS just waiting to audit them and find something, anything, that they did wrong.
Even after shelling out an aggregate $30 billion on tax accountants, preparers, and software, often the only recourse individuals have is to attempt to take on the federal government in court.
We have become a society gummed up with litigation over the most arcane and opaque rules. The Top 10 most litigated issues in the tax code have resulted in nearly 2000 lawsuits in the last 3 years alone between citizens and their federal government.
We want a simpler tax code because in America, we are straightforward. The values of work and reward are central to our founding.
A simpler tax system would return American families’ ability to make decisions based on economic merit and free choice, rather than force them to forego the pursuit of their dreams simply to keep the tax man at bay.
We want a fair code because it is wrong that people with unique access and more money can lower their tax burden more than others.
A fairer code will not denigrate success. Instead it strengthens the founding principles that no matter your wealth, title, race, or neighborhood, you should be treated the same under the law.
The current tax code contains hundreds of narrow provisions that benefit only a select few.
We will eliminate these while supporting the few provisions that stand to advance our entire society through innovation, charitable giving, and ensuring access to the American dream for all.
By eliminating the abundant narrow special-interest provisions in the tax code, we can expand the standard deduction for individuals and lower both the corporate and individual marginal rates.
The result is a code that not only is better for economic growth, but one that adheres to our founding principle of equality before the law.
Finally, low rates will let hardworking Americans keep more of what they earn.
If you work and earn a salary you are taxed based on that income – what you see is what you get. With lower rates and a simpler system, individuals and businesses will be able to realize the fruits of their labor more quickly.
The result is a more dynamic economy, where labor and capital can flow to their best and highest uses, and families can earn, save, and grow.
We are ready to rise to the challenge and join with President Trump to make this case to the American people. Success will not only be a reformed tax code that grows the economy, it will re-establish what makes us great as a society.
By Rep. Kevin McCarthy (R-CA), the Majority Leader of the US House of Representatives.