On Thursday, the House Ways and Means Committee will have a hearing examining how tax reform will grow our economy and create jobs.
The following is a statement from Pete Sepp, president of National Taxpayers Union: “Tax Day is a stark reminder that our current tax code has become far too complex and bloated to be sustainable … but in reality, the task of filing taxes, not just paying them, affects Americans year-round.
Former President Ronald Reagan once famously proclaimed, “Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
“President Trump’s first budget outline gives several clues into how his administration plans to tackle our $587 billion deficit and the considerable federal debt the nation’s taxpayers are shouldering. The spending reductions envisioned in this blueprint are a solid starting point for discussion between the White House and Congress on how to pare back wasteful or low-priority programs in the discretionary portion of the federal budget.”
Rep. Peter Roskam, Chairman of the House Ways and Means Tax Policy Subcommittee and a Republican from Illinois, discusses pursuing tax reform proposals on Capitol Hill that are mindful of the U.S. deficit and businesses, as he sees the need to “reset the whole thing.” He speaks with Bloomberg’s David Westin on “Bloomberg Daybreak: Americas.”
Speaker Paul Ryan (R-Wis.) met with Republican senators Tuesday afternoon to quell growing opposition to a core element of the House GOP tax plan, a 20 percent across-the-board tax on imports, also known as border adjustment.
Even if Congress chose to do nothing but rewrite the tax code in 2017, it would be a monumental task because there are so many constituent interests and competing demands to balance.
President Donald Trump said a “phenomenal” plan to overhaul business taxes may be released within the next “two or three weeks,” heightening expectations as House Republican lawmakers are raising objections to their own leaders’ favored plan.
Following his anticipated confirmation, Treasury Secretary nominee Steve Mnuchin will exert tremendous influence when it comes to reshaping America’s burdensome regulatory agenda and fixing our outdated, complex tax code.
President-elect Donald Trump spent much of his campaign promising to reduce taxes for American businesses and families.