Tax Reform Summary

TAX REFORM

 Make It Easy

  • We need a tax code that is simple and easy to understand.
  • The average taxpayer has to wade through 241 pages of instructions to file a basic tax form.
  • A staggering 94% of families use professional help to do their taxes.
  • Taxpayers spend 6 billion hours each year complying with the tax code.
  • Under our plan, 95% of Americans will be able to file their tax return on a single page without having to keep receipts, fill out schedules, or track endless paperwork.
  • We are going to give hardworking Americans their time and money back.

 

Make It Fair

  • We are going to end the rigged system that has only benefited the wealthy and well connected.
  • We will restore fairness by streamlining the tax code and ending special interest tax breaks and loopholes.
  • It is time to give American workers a pay raise.
  • Our plan will reduce taxes for our Middle Class and allow them to keep more of their own hard-earned money.

 

Win Again

  • Our business tax rate is the highest in the developed world–we are dead last.
  • Our rate is 15 percentage points higher than the average in developed nations.
  • Our plan will provide tax relief to businesses of all sizes.
  • We will dramatically reduce the tax rate for America’s small businesses, which have created more than 60% of new private-sector jobs in the recent past.
  • We can give our workers the level playing field they deserve – and they will win, because if the fight is fair, no one on earth can beat the American worker.

 

Bring It Home

  • Our high tax rate punishes companies for doing business in America and encourages them to move to other countries – it is time to bring them home.
  • This “Offshoring Model” has been disastrous for American workers and families.
  • Our “American Model” will reduce the burdens on American companies and encourage them to do business in our country.
  • The President wants our companies to hire and grow in America, to raise wages for American workers, and to help rebuild our American communities. This is how we all succeed and grow together.
  • Our tax system penalizes companies that bring wealth they have earned overseas back to America.
  • As a result, corporations have parked trillions of dollars in foreign countries – money that could, and should, be brought back inside the United States to be invested in American companies, American jobs and American workers.
  • Our plan will encourage these companies to bring these funds back to American cities and towns.

 


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