After years of suffering beneath our sprawling and harmful tax code, we finally have a path forward towards reshaping the system into something that promotes growth and helps the American taxpayer. Republican leadership, from both chambers of Congress along with the White House, have worked together in recent months to pull together a framework for tax reform. The task of shaping legislation now falls to committees in the House and Senate, with clear guidelines to follow that would shape the tax code America desperately needs.
Within the framework GOP leadership created, a number of pro-growth, job creating provisions came to light. Chief among these is a shift in our international tax system, moving from our current, antiquated worldwide system to a modern territorial system. This is the way that every other major country operates, and it will help to remove the incentives that have pushed American companies to move overseas. Doing so will prevent more jobs being lost to other countries, and help keep American companies in America. Additionally, we’ll see our corporate tax rate lowered to be more competitive with the worldwide average, and companies will be able to fully expense investments in themselves. Both of these aspects of the framework will spur tremendous economic growth throughout the economy, allow corporations to expand, and raise wages.
American’s are strongly in favor of tax reform, and we should see broad support in Washington to get it done this year. It’s time to move with consensus and finally lift the tax burden that has so long hampered American workers and taxpayers.