American families and small businesses are taxed too much, and the system through which we collect these taxes is overly burdensome, too complex and fundamentally unfair in many respects.
Today’s tax code has not only grown ridiculously long but our yearly tax bill continues to get more expensive. According to the National Taxpayers Union, the total compliance cost for filing federal income tax forms added up to $227.1 billion, or nearly 1.5 percent of our Gross Domestic Product (GDP) in 2011. To make matters worse, the enforcement of the nation’s tax system falls to the scandal-ridden Internal Revenue Service (IRS), an agency that was previously exposed for purposefully targeting conservative and religious groups seeking tax-exempt status. While House Republicans have led efforts to keep the IRS accountable ever since, Americans rightly remain uneasy about where their hardworking tax dollars are going.
Fortunately, in 2017 I joined with my colleagues to pass the Tax Cuts and Jobs Act, comprehensive tax reform that will simplify the tax code, repeal the Alternative Minimum Tax, lower tax rates, and make American businesses competitive on the global stage. The final bill, which President Trump signed into law, doubles the standard deduction, increases the child tax credit, lowers corporate tax rates to increase the competitiveness of American businesses and grow the economy, and preserves important deductions like the student loan interest deduction and the medical expense deduct. Without question, fundamental and comprehensive tax reform was needed, and that is why I was proud to join my colleagues in making this goal a reality.
More on Taxes
July 25, 2016 Weekly Columns
One of the greatest aspirations we have in this nation is the concept of the “American Dream”. The idea that any person, regardless of race, ethnicity, gender or religion can achieve prosperity, happiness and success has always been a bedrock principle of our national experience. Achieving the American Dream generally relies upon individual initiative, so the best way the government can assist in the pursuit is to get out of the way.
June 13, 2016 Weekly Columns
As intentionally spelled out in the U.S. Constitution in the first and arguably most foundational amendment, “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press.”