At Heritage, we believe fundamental tax reform is necessary to strengthen the economy.
Last week, the Senate Budget Committee released its long-awaited fiscal year 2018 budget resolution, which paved the way for comprehensive tax reform. Read through six takeaways on the budget resolution on The Daily Signal here >>
Republican Study Committee (RSC) members believe Congress must deliver on tax reform by eliminating distortions and creating fairness in the tax code. The budget resolution paves the way for tax reform. Now the question is, how will that tax reform be done?
On Tuesday, RSC members tackled this question here at Heritage. Heritage experts facilitated the conversation as the RSC members discussed a path to comprehensive, pro-growth tax reform. Hosting the discussion was President Edwin J. Feulner, and moderating was tax expert Adam Michel.
Rep. Mark Walker, Chairman of the RSC, began the discussion with a strong statement on tax reform:
“The concept of hard-working Americans keeping more of not government money, but their own money, should not be a position that is foreign or offensive.”
The long awaited tax reform outline released by the Trump administration and Republican congressional leaders aims to fix our broken tax code.
If passed, the proposal would grow the economy, create jobs, and increase wages for American workers.
Wesley Coopersmith, Policy Manager at Heritage Action for America, detailed the myths and facts of this pro-growth tax reform.
Here are the ways he believes this reform would benefit American taxpayers:
1) Lowering and simplifying individual tax rates for all Americans,
2) Cutting taxes for large and small businesses alike,
3) Permitting tax-free entrepreneurship,
4) Ridding the tax code of special interest hangouts, and
5) Ending the practice of double-taxing overseas profits made by U.S.-based companies who want to invest in America.
The last time tax reform happened was during the Reagan administration. We should not let this once-in-a-generation opportunity be missed.
What would you most like to see reformed in our tax system?