Ways and Means Republicans are committed to making pro-growth tax reform a reality in 2017. Last year, as part of Speaker Ryan’s “Better Way” agenda, we released a detailed Blueprint for bold, pro-growth tax reform. Now we are moving forward aggressively to turn the ideas of our Blueprint into comprehensive tax reform legislation that lowers tax rates, closes special interest loopholes, empowers families and small businesses, and unleashes job creation across the country.
By focusing on three crucial goals – growth, simplicity, and service – we will deliver the 21st century tax code that Americans deserve. Here’s how our bold plan for tax reform will benefit families and job creators nationwide:
Our Blueprint takes historic action to deliver a 21st century American tax code that is built for growth – the growth of families’ paychecks, the growth of local businesses, and the growth of our economy as a whole. These innovative reforms include:
- Lowering tax rates on job creators of all sizes so they can keep more of their earnings and reinvest them in growing their businesses, hiring new workers, and raising wages.
- Ending the current “Made in America” tax on U.S. exports, which makes it harder for U.S. job creators to compete globally and create jobs here at home.
- Allowing all American businesses to immediately write off the full costs of new capital investments – such as machinery and technology – needed to produce and compete at a higher level.
According to an analysis by the Tax Foundation, our Blueprint would boost U.S. gross domestic product by over 9% in the first decade. That means a gain to our economy of $2 trillion, or $6,000 per person. Additionally, the Tax Foundation estimates that our Blueprint will significantly raise wages for American workers and create nearly 2 million full-time jobs in the United States.
Perhaps the most frustrating part of our nation’s broken tax code is that it forces Americans to spend countless hours and dollars each year just to file their taxes. Our bold plan for tax reform brings this nightmare to an end by delivering unprecedented simplicity for taxpayers. In fact, come Tax Day, the tax code would be so simple that a vast majority of individuals and families could file their taxes on a form as straightforward as a postcard:
By eliminating the maze of special interest provisions that increase confusion and keep rates artificially high for all taxpayers, our Blueprint makes the tax code dramatically simpler and fairer while also taking less money from families and job creators. On top of this, we make it easier and more rewarding for families to save, invest, and plan for the future. That’s great for families, and it’s great for our economy as a whole.
Ways and Means Republicans know that a simpler, fairer tax code demands a simpler, fairer tax collector. That’s why our Blueprint busts up the Internal Revenue Service (IRS) and redesigns it into an agency with a singular mission – Service First. Instead of the unresponsive and unaccountable agency that exists today, the 21st century IRS will be streamlined and centered around three distinct service units. Each will be trained to provide top-quality customer service to individuals, families, and small businesses. In addition, our Blueprint imposes new checks on the authority of the IRS Commissioner. This will prevent entrenched bureaucrats from abusing their position, their power, and – most importantly – the rights of American taxpayers.
By focusing on growth, simplicity, and service, our bold Blueprint for tax reform takes historic action to expand our economy and empower workers, families, and job creators nationwide. This is the kind of tax code Americans deserve, and Ways and Means Republicans are pushing full steam ahead to deliver it in 2017.
CLICK HERE to learn more about our Blueprint for a 21st century tax code that is built for growth.