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A Better Way: Part VI

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Washington, July 20, 2016 | comments
For the last five weeks, the bulletin has focused on the Better Way agenda which is six different bold ideas for a confident America. This week’s topic is the last section of the Better Way agenda, but it’s one that I hear about all the time: fixing our broken tax code.
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For the last five weeks, the bulletin has focused on the Better Way agenda which is six different bold ideas for a confident America. This week’s topic is the last section of the Better Way agenda, but it’s one that I hear about all the time: fixing our broken tax code.

Not only does our nation’s tax code need to be simpler and fairer but we must also ensure that it promotes economic growth and opportunity. The basis of the Better Way tax plan is very simple: simplification, growth, and IRS reform.

As I have discussed in past articles, the current tax code runs approximately 2,600 pages. Our tax reform plan simplifies the code so that the majority of Americans will be able to file their taxes on a form the size of a postcard. In addition, at 35 percent, our nation’s corporate tax rate is the highest in the developed world. This makes it harder for American workers and businesses to compete in the global economy. In 1960, 17 of the 20 largest global companies were headquartered in the United States. Today, that number has dropped to only six. This plan lowers the corporate tax rate to a more globally competitive level of 20 percent. Along with helping American companies, this tax reform plan helps American families and individuals. The individual income tax rate currently has seven tax brackets. Our plan reduces it to three simple brackets. This will make the individual system simpler, flatter, and fairer.

While simplifying the tax code is a great start, none of this is possible without an IRS that works in the best interest of taxpayers. The IRS has failed in its mission and is in desperate need of reform. That is why we need a new, customer-service first IRS will, led by a commissioner limited to just six years in office. A streamlined taxpayer service agency would be divided into just three components: families and individuals; businesses; and an independent “small claims court” unit. That way, each unit will have an efficient and accountable workforce that is trained to handle matters that are relevant to taxpayers in need of assistance.

We need a tax code that works for the 21st century. By reforming the tax code, that means families, individuals, and small businesses will have more time to spend on growing the economy rather than tackling the tax code. It should help make the United States the number one place in the world to hire and invest.

Tackling poverty, national security, growing the economy, upholding the Constitution, reforming health-care, and tax reform. Those are the six components of the Better Way agenda. As a whole, this comprehensive slate of ideas addresses the challenges that face our nation. I hope you enjoyed this series and you see the vision for a more confident America.  

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