|
The
US tax code is a maze of thousands of exemptions, deductions,
credits and other preferences that often favor one individual over
another or one industry over another, to the detriment of the
overall US economy. In addition, for individuals and businesses
alike, the complexity of the tax code is legendary and leads many
to question the fairness of tax policies.
To
level the playing field, simplify record-keeping, eliminate the
preferences special interests have incorporated into the tax code
over the last 24 years, and guarantee every individual and
business pays their fair share, Congress must move to adopt a
streamlined tax code now.
There's currently a bill in Congress sponsored by Senators Wyden
of Oregon and Gregg of New Hampshire called "The Bipartisan Tax
Fairness and Simplification Act of 2010" that does all of the
above. I encourage anyone interested to go on either Senator's
website to get more detailed information concerning the bill and,
hopefully, convince you to support its enactment by Congress. |
|
The key aspects of the
bill are:
|
►
|
Reduces the number
of tax brackets for individuals from six to three and
eliminates the Alternative Minimum Tax. Most taxpayers should
be able to complete a simple one-page form to file their
taxes.
|
|
►
|
Eliminates some of
the discussion concerning the expiring Bush tax cuts by
capping the highest marginal rate at 35%.
|
|
►
|
Offers tax relief to the middle class by a near tripling of
the standard deduction.
|
|
►
|
Maintains many of the most commonly utilized individual tax
credits and deductions.
|
|
►
|
Changes the
current six corporate tax brackets to a single rate of 24%,
making it one of the lowest corporate tax rates in the
industrialized world. This will encourage more job creation
here and improve our global competitiveness.
|
|
►
|
Provide small-business an immediate write off of their capital
investments.
|
|
►
|
Eliminates the
incentive for US corporations to export jobs overseas by
repealing the rule that allows US companies to defer taxes on
foreign income.
|
|
Our tax code must
be fair to everyone. By eliminating preferences and loopholes
that benefit a few, we can simplify tax compliance, provide
tax relief to middle and low income earners, boost business
competitiveness in world markets, and still provide the same
revenue to the government as the current tax code. I support
this bill and believe it should be adopted by Congress as soon
as possible. |
|
