Recently USA Daily Chronicles visited with Kevin Brady (R-TX), who is Chairman of the most powerful committee in the US House of Representatives — the Ways and Means Committee. Chairman Brady provided a compelling case for tax reform. It will generate more jobs, make taxes fairer, and ultimately provide more take-home pay. It is overdue by decades and it is the most sweeping reform since the 1980s, when Ronald Reagan’s Revolution changed the US economy, positively, for years to come.
With mind-numbing complexity and tax rates as high as 40%, today’s broken tax code can make it incredibly difficult for our nation’s small and medium-sized businesses to succeed, grow, and create jobs in our communities. Here’s how our unified framework for tax reform will lift these burdens off our Main Street job creators and the millions of Americans they employ:
25%: The hard-earned business income of our Main Street job creators will be taxed at no more than 25% – the lowest tax rate on small business income since before World War II. With this tax relief, they will be able to keep more of their earnings to grow their business, hire more people, and give their workers a raise.
Zero, 12%, 25%, 35%: Lower individual tax rates for small business owners, their workers, and their families will give all Americans the freedom to keep more of their paychecks to use on what is important to them.
Eliminating the Alternative Minimum Tax (AMT): Delivers simplicity, fairness, and certainty to millions of families and job creators who will no longer have to deal with the AMT – a feature of today’s broken tax code that forces many taxpayers and businesses to calculate their taxes twice every year.
Repealing the Death Tax: Helps family-owned businesses and family farms continue into the future by ensuring they will no longer face double or even triple taxation when small business owners pass down their life’s work to the next generation.
Unprecedented expensing of business investment: Helps unleash the growth of jobs, productivity, and paychecks by allowing small businesses to deduct more of the cost of new equipment that improves operations and enhances the skills of their workers.
Preserving deductibility of interest expense: Small businesses will be able to write off the interest on loans that help these Main Street entrepreneurs start a business, hire workers, and increase paychecks.
CLICK HERE for more information on how our unified framework will help Main Street job creators, workers, and families throughout the nation.