Friday, June 24, 2016
Our plan for a tax revolution
Today, House Republicans published our blueprint for comprehensive tax reform. But in fact, the proposal is so bold and so innovative that it's probably more accurate to call it a tax system replacement plan than a reform plan.
Our current tax system is one of the main impediments to economic growth. It's punitive, impossible to understand, and easy to manipulate for the benefit of big business and special interests. It discourages entrepreneurs from starting new companies and drives existing businesses overseas. If we want to reverse the anemic economic growth rates of recent years, then we need a tax system that encourages investment, start-ups, and business expansions instead of one that suppresses entrepreneurial activity.
Our blueprint, which includes the key elements of my ABC Act, encourages business investment by allowing for 100 percent, immediate expensing of business investments. It stops the exodus of U.S. businesses overseas by adopting a territorial tax system. It levels the playing field for small businesses and start-ups by eliminating scores of loopholes and special deals. It simplifies and lowers tax rates across the board and effectively abolishes the IRS as it exists today.
If you're satisfied with our feeble economic growth, and if you like paying as much in taxes as you do now, and if don't mind spending countless hours every year deciphering your tax returns, and if you enjoy interacting with the IRS, then this plan might not be for you. But if you're interested in an aggressive, transformative plan that lets you keep more of what you earn, file your taxes on a postcard, and keep the tax man further away from your affairs, then I urge you to read about our plan by clicking on the "tax reform" icon at this link. We are now asking for feedback as we refine the plan, so if you'd like to share your thoughts or suggestions, please send me an email at this link. Finally, to read more about my ABC Act, click here.