- Simplify the tax code
- Lower rates for businesses to encourage job growth
- Allow families to keep more of what they take home
I support lowering taxes for individuals and businesses, and fundamentally restructuring the tax code to make it fairer and less complicated. The more money individuals and businesses have to spend, the stronger and more flexible the economy will be.
Our federal tax system constrains business, limits job growth, and hurts American competitiveness. Moreover, it is needlessly complicated. In fact, it is estimated that American families and businesses spend 6.1 billion hours each year filing taxes. That is why we must simplify our tax code so families can keep more of their hard earned money, businesses can hire additional workers, and our economy can expand.
For the first time in over 30 years, Congress has undertaken the reform our nation's tax system to unleash economic growth and put more money back in the pockets of tax payers. H.R.1, The Tax Cuts and Jobs Act improves our tax code by simplifying rates and eliminating many special interest deductions--allowing you to file your taxes on a postcard. Under this bill, the standard deduction is doubled to $12,000 for individuals and $24,000 for families, while aso reducing Individual tax brackets. In addition, this bill expands the Child Tax Credit, retains retirement savings options including 401ks and IRAs, encourages charitable giving, provides tax benefits for victims of natural disasters, continues the home mortgage interest deduction for homeowners and provides a deduction for state and local taxes. All these changes mean the average family will see more money in its pocket. American businesses would also enjoy a lower tax rate, allowing them to compete globally and make investments and create jobs here at home.
What are your thoughts on tax reform?
Do you find any tax provisions particularly onerous or burdensome? Please click here and let me know.
Resources for you:
- The House Committee on Ways and Means has information regarding the reform of our tax code. Click here to access the Committee’s website.