Aside from the repeal and replacement of Obamacare, the largest issue that is being debated in Washington DC is comprehensive tax reform. While Congress may not get to the real work on it until the summer, President Trump and GOP leaders in the House and Senate have already begun to talk about what tax reform may look like.
The leading voice for tax reform over the past year has been Ways and Means Chairman Kevin Brady. He recently spoke at the International Tax Policy Forum (ITPF) and Georgetown Law’s Institute of International Economic Law (IIEL) Conference on tax competition and discussed the GOP leadership’s “Better Way” tax reform proposal.
He advocated for pro-growth policies that will drastically change our tax code to lower rates across the board – down to 20% for corporation and 25% for small businesses – and allow for new tax write-offs that will spur investment for businesses of all sizes with a tax-free return on purchases of new equipment, technology, or machinery that our job creators need to produce and compete at a higher level.
Chairman Brady’s main message was to take the burden off of the American people that the tax code has increasingly imposed. We have not had meaningful reform since 1986, and our businesses have suffered because of it. We need to revamp our system so that our businesses are more competitive at home and abroad.
While there will be some disagreements about the specifics of this plan, we must all get behind the idea of unlocking the potential of the American economy through comprehensive tax reform. There are no more excuses for Congress to push this issue off for any longer. There is momentum behind tax reform and Congress must seize it and create a new, pro-growth code that creates opportunity for businesses of all sizes across the country. Let’s get it done, Congress!