Welcome to the re-designed Stop the Tax Attack microsite. And just in time for tomorrow’s House Ways and Means Committee hearing on “how tax reform will grow our economy and create jobs across America.” This platform is intended to serve as an invaluable resource to the public as President Trump and Congress set about the momentous task of tax code reform. It’s been over thirty years since the last major overhaul of our tax system and with the sting of Tax Day still fresh, Americans can all agree the time for reform is long overdue.
The current tax code has grown exponentially both in size and complexity over the last three decades. In 2016, it consumed almost 7 billion hours of productivity; the estimated value of this time, combined with out-of-pocket costs, is nearly $263 billion. This is more than the Gross Domestic Product (GDP) of 154 countries.
Put quite simply, the status quo simply cannot continue.
We now have a realistic chance of passing meaningful tax policy this year that will lift the tax code burden from individuals and businesses alike. So far, both the White House and the House GOP have introduced comparable tax reform plans that embrace the pro-growth, pro-investment tax policies Americans and the economy are in need of – simplification, lower individual and business rates, full expensing and the move to a territorial tax system, to name a few.
As we wade through this tax reform debate, more proposals will certainly emerge from lawmakers. For instance, the Senate will eventually weigh in with their own plan.
As the most important stakeholders in this process, it’s vital the public stay informed. After all, any legislation passed impacts their wallets and their bottom line.
And that’s where Stop the Tax Attack looks to play an essential role by acting as a clearinghouse for all of the latest commentary, studies and facts about tax reform proposals throughout this debate. Along with informative infographics, blogs and up-to-date tax news, the microsite will, in the coming months, add a multimedia component featuring podcasts and videos.
So take a look around and let us know what you think.