It is time to reform our aging tax code
By Ken Calvert
A lot has changed since 1986. Remember when phones had cords, TVs were the size of a small horse (and about as heavy), and Polaroid cameras were all the rage? Back then the internet didn’t exist and the Soviet Union did; Pluto was still a planet and the Berlin Wall still stood. But through all those seismic shifts, one thing hasn’t changed much in the past 31 years — our tax code, which, at about 75,000 pages, remains a convoluted mess.
Over the past several months, I have been working with other leaders in Congress to develop a major tax reform bill that allows hard-working American families to keep more of their money and makes our companies more competitive around the world.
The tax reform framework that was recently released by congressional Republicans and the president will grow our economy by establishing a pro-American, pro-growth tax code. We aim to achieve these important goals by emphasizing simplicity and fairness.
Our existing tax code is a complex web that makes it difficult for many Americans to understand. The code disproportionately benefits those taxpayers who can afford to hire an experienced accountant to navigate the ins and outs of various tax breaks and deductions. That’s not fair. Republicans want to make our tax code so simple that most Americans can fill out their taxes on a form the size of a postcard and avoid the high cost of tax software and accountants.
Our plan creates a simpler, fairer tax code by nearly doubling the standard deduction. If you file as an individual, your deduction will go from $6,300 to $12,000. Married couples filing jointly will be able to deduct $24,000, as opposed to the $12,600 in current law. Combined with our plan to reduce the seven current income tax brackets to four brackets — 12 percent, […]