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Tax Reform - In The News
Had enough of this broken tax code?
The way Washington taxes us is too costly, complex and unfair.
The massive tax code is full of loopholes and deductions that benefit special interests. Washington tinkers with the code almost every day.
More and more taxpayers need help to satisfy the IRS each year. Small businesses often pay higher tax rates than big business. Many American businesses can’t compete any longer against foreign competitors. And too many pay no taxes at all!
It’s been a generation since the tax code was overhauled top to bottom.
Isn’t it time to fix this broken code?
Too Costly, Complex & Unfair. But mostly unfair.
Unfair for families.
Whether you’re single or raising a family, starting your life or experiencing retirement, the tax code is impossible to understand. It’s more time-consuming than ever. And you wonder, is everyone paying their fair share?
How can you possibly keep up with the 4,000 changes Washington has made the past decade? That’s a change every day! Few taxpayers even know which tax provisions they’re entitled to. For example, there are 15 different tax provisions for higher education – each with their own set of rules. The ‘simple guide’ for these provisions is 90 pages long! And if you accidentally make a mistake, the IRS is unforgiving.
Unfair for business.
It costs too much for business to keep up with their taxes – especially if you’re a small business. Most have to rely on outside tax preparers. It’s not fair that many small businesses pay higher tax rates than big business. It’s not fair that some industries pay a lot while others pay a little. And it’s not fair that American companies face the highest tax rate in the modern world. Our outdated tax code often double-taxes them – forcing American companies to shift workers and research overseas just to try to compete on a level-playing field against foreign competitors.
Unfair for America.
The complex and burdensome tax code drains over $160 billion out of America’s economy each year. It makes it too hard to start up new businesses and create new jobs. America has fallen behind its global competitors in Europe and China - saddled with a tax code that costs us sales, contracts and jobs when we compete. Experts predict a simpler, fairer, flatter tax code for families and businesses could create up to 1 million new jobs in the first year. And make us competitive again in the 21st century.
What are we waiting for?
“We need a simpler, fairer tax code that protects taxpayers, not special interests – and helps America compete and win.” – Rep. Kevin Brady
As a leader on the House Ways & Means Committee, Congressman Kevin Brady is helping lead the fight to fix this broken tax code. This winter his committee introduced a simpler, fairer and flatter tax draft. He and his tax reform team are determined to push Washington to act now.
Kevin Brady’s principles for a tax code that’s Built for Growth are:
- Simpler, fairer, flatter.
- Closes loopholes & limits deductions = lower tax rates for everybody.
- Doesn’t raise taxes to bail out Washington’s spending problem.
- Small businesses no longer pay a higher rate than big business.
- Stops forcing companies to shift jobs overseas.
- Limits spending & strengthens the U.S. economy to pay down the debt.
- “Built for Growth” for families, businesses and our country.