Last week, President Trump and Congressional Republicans unveiled a blueprint for tax reform that cuts taxes across the board, puts Americans back to work, incentivizes small business growth, and levels the playing field for American companies in an increasingly competitive global economy.
The past eight years has given us nothing but a crawling economic recovery, stagnant wages and slow growth that has hindered our families and our businesses from achieving their potential. After eight long years of an economic philosophy that puts government programs and Washington insiders ahead of the needs of the American people, we finally have the opportunity to push meaningful tax reform and to create a system that is both simpler and fairer to all American income earners. The plan released last week emphasizes small businesses and working families, which are the drivers of our economy.
Under this tax plan, small business tax rates are slashed to 25% and individual tax rates are simplified from 7 rate brackets down to only 3: 12%, 25%, and 35%. By simplifying the byzantine tax rate structure for individuals, most Americans should be able to file their taxes on a single sheet of paper or even a postcard! This simplification eliminates the tax breaks and loopholes exploited by politically connected special interest groups in Washington, while giving middle class families relief from complicated, stressful and time-consuming tax preparation.
For more years than I can remember, Washington has talked about reforming the tax code now we are finally doing it. As my colleagues and I push forward with this framework, I have two overarching principles The first is to keep taxes low on hardworking taxpayers. The second is to reduce the size and complexity of our tax code in order to create economic stability and long-term certainty for small businesses and individual investors who are saving for retirement, a first home, or their children’s education. America’s economic competitiveness depends on getting this right, which is why I am excited to work with President Trump toward overhauling our tax code for the betterment of our small business, individuals, families, and our nation’s economy.
Congressman Daniel Webster represents The Villages in the U.S. House of Representatives.
