When Congress returns to Washington next week, at the very top of their to do list will be the issue of Tax Reform. With strong support from both sides of the aisle to move forward with the first comprehensive overhaul to the tax code in three decades, we’re hopeful to see progress come about quickly. With this in mind, President Donald Trump recently spoke to a crowd in Missouri on the forward for tax reform this year.
Wall St. alums Secretary of the Treasury Steven Mnuchin and Director of the National Economic Council Gary Cohn are leading the team on this endeavor. They have been meeting with experts and members of Congress to craft legislation that will shift the current tax code from burdensome to beneficial, and truly help taxpayers across the country.
In Missouri, the President emphasized the need to lower the corporate tax rate and simplify our code as a whole. As it stands, our corporate tax rate is more than twice the worldwide average, and at a staggering 39% it does little but stifle business growth and push American jobs overseas. Reducing that rate will help businesses to grow, and simplifying how taxes are filed will save money and reduce stress for businesses and individuals alike. The current climate is ripe for tax reform, and the recent speech from President Trump, along with support expressed from several members of Congress, are encouraging steps along our path to comprehensive tax reforms.