This week, the National Taxpayers Union (NTU) and 23 other organizations sent an open letter to Congress urging support for comprehensive tax reform. The signers on the letter ranged from NTU to the Independent Women’s Forum to Log Cabin Republicans to the Hispanic Leadership Fund and beyond. The letter recognized the rare opportunity to enact comprehensive reform and three key principles as a guideline for lawmakers to prioritize comprehensive tax reform.
The organizations identified three specific provisions that are necessary in a reformed tax code:
- First, the letter recognized that the United States has the highest corporate tax rate in the world that must be lowered to at least 25%.
- Secondly, the letter urged Congress to move the United States to a “Territorial System,” which would ensure American companies are only paying taxes on income earned domestically.
- Finally, the signers urged Congress to allow full expensing for businesses so they can fairly deduct investment materials within the purchasing year.
The signers of the letter recognize the promising opportunity to enact comprehensive tax reform with the current political climate in Washington. There is an urgent need to reform a more than 30-year-old tax code and Congress can act to implement this change. Read the full letter from the 24 signers here.