Taxes

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America’s current tax code inhibits economic growth and takes too much from families. A reformed tax code must lower the tax burden on families and businesses.

Marginal tax rates in some states are now more than 50 percent once state and local taxes are included, a burden that increased after the expiration of the Bush tax cuts in 2013 as part of the ‘fiscal cliff’ deal. That’s just income and payroll taxes, and doesn’t include property, sales, or other taxes that we all pay on goods and services.

High rates discourage pro-growth activities like working, saving, investing, and taking on the risk of starting a new company or expanding an existing one. These activities form the foundation of a prosperous economy, and are suppressed by too-high tax rates.

On top of high tax rates, the tax code is filled with special tax breaks including tax credits, deductions, and exemptions for the politically favored and well-connected, which leads to investment in less-productive sectors of the economy at the expense of other, more promising opportunities.

Real tax reform will improve economic efficiency by ending the deductions, credits, and exemptions that have been handed to politically favored industries and persons, as well as lowering tax rates in order to improve incentives to work, save, and invest.

Pro-growth tax reform plan will put the economy back on track and expand opportunities for all Americans to get a job, save for retirement and other needs, start a business, and otherwise benefit from a thriving economy. Reform will benefit not just the wealthy, but also middle-class and low-income families by restoring growth to the American economy.