Washington—Today, Republicans will unveil new details of a sweeping overhaul of America's tax code. The plan would unleash economic growth, create American jobs, increase wages for American workers, allow families to keep more of their hard-earned money, and make U.S. businesses competitive across the globe. It would also slash the corporate and pass-through rates by 15 percentage points each, move America to a territorial tax system, simplify the individual tax code by moving from seven brackets to three, nearly double the standard deduction, and provide full and immediate expensing for five years. Heritage Action released the following statement from Chief Executive Officer Michael A. Needham:
"We have a once in a generation opportunity to fundamentally reform our nation's stagnant and convoluted tax code that suppresses American job creators and workers. Heritage Action applauds President Trump and congressional leaders for uniting behind a coherent set of reforms and reductions that align with conservative priorities. If enacted, there is no doubt such a plan would unleash economic growth, create jobs and increase wages.
"While today's announcement marks an important and encouraging first step, it is imperative the administration and congressional leaders work hand-in-hand with conservatives to push back against the radical left and the special interests that will pull out every stop to preserve the status quo."
On Thursday, House Ways and Means Chairman Kevin Brady (R-Texas) will speak at The Heritage Foundation. His remarks will focus on creating Main Street jobs, growing middle-class paychecks, making taxes fairer, and supporting hard-working Americans - not Washington special interests.
Related:
Heritage: The High Price That American Workers Pay for Corporate Taxes
Heritage: Why American Workers Should Care About Business Investment
Heritage: For Pro-Growth Tax Reform, Expensing Should Be the Focus