With the federal government living beyond its means, spending cuts can get us halfway to a balanced budget but we'll need a much stronger economy to finish the job and begin paying down America's $17 trillion debt, says Brady. "To jump-start the economy we need a simpler, fairer tax code that protects taxpayers, not special interests, and that helps America compete and win."
Pro-growth tax reform will help balance budget & pay down U.S. debt, says Joint Economic Chairman Brady
Washington, DC– After three years of intensive work, the U.S. House Ways and Means Committee led by Chairman Dave Camp (R-MI) released a discussion draft today that proposes the first top-to-bottom rewrite of America’s complex tax code in three decades.
Unlike President Obama’s Affordable Care Act that was assembled in secrecy, House Republicans are counting on the input from American families, taxpayers and local businesses to create a simpler, fairer tax code.
U.S. Congressman Kevin Brady, a senior member of the committee, has championed the need for tax reform and held 31 tax reform town halls last fall to gather ideas from his constituents and small businesses.
“With the federal government living beyond its means, spending cuts can get us halfway to a balanced budget but we’ll need a much stronger economy to finish the job and begin paying down America's $17 trillion debt,” says Brady. “To jump-start the economy we need a simpler, fairer tax code that protects taxpayers, not special interests, and that helps America compete and win.”
Brady says the current 70,000 page tax code is too costly, too complex and too unfair. It’s time, he says, to challenge business-as-usual in Washington.
“There is no perfect tax code, but starting today the American people can start putting their power behind fixing this broken tax code and reining in the IRS. We need a tax code that is built for growth – growth of your family, your business and our economy. I want to hear your thoughts.”
The draft proposal shrinks the tax code by a quarter, boosts the economy by $3.4 trillion, creates nearly two million new American jobs and will allow 95% of taxpayers to file without itemizing their taxes. It increases the tax-home pay for an average American family by $1,300 and permanently repeals the Alternative Minimum Tax.
A link to the discussion draft can be found at http://waysandmeans.house.gov/uploadedfiles/statutory_text_tax_reform_act_of_2014_discussion_draft__022614.pdf
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