In the 30 years I have been on this earth, comprehensive federal tax reform has eluded us. Individual taxpayers and small business owners like myself have instead faced an ever-growing tax code that costs us more and more each year to understand and does nothing but hamper our economy.
Luckily, it appears that hope is on the horizon. A few weeks ago the House GOP, led by our very own Paul Ryan, passed comprehensive tax reform. While no plan is going to be perfect, this plan comes pretty darn close. It flattens the individual code by simplifying deductions, lowering rates and reducing brackets. It also lowers rates for small business owners known as “pass-throughs” to ensure they can better compete, hire more employees and grow the economy. Lastly, the plan finally brings our corporate tax rates into the 21st Century by cleaning up loopholes and bringing down the rate to a more internationally competitive 20 percent.
Americans deserve a tax code that is flatter, fairer and simpler to understand and the House GOP plan does just that. I want to thank Speaker Ryan for his hard work and I hope Sen. Johnson and Sen. Baldwin can get behind American taxpayers and job creators and help advance these important reforms.