By Robert Pittenger
Washington’s current tax code is broken. The tax breaks and benefits go to folks with fancy lawyers, while hardworking Americans struggle to get by.
This week, my House Republican colleagues and I introduced an historic tax reform bill that fundamentally overhauls our broken tax system and replaces it with a simple and fair tax code that benefits families, small businesses and job growth.
Our tax reform delivers relief to those who need it most: hardworking North Carolina families. You work hard for your money, and our plan lets you keep more of it.
The Republican Tax Cuts and Jobs Act cuts the tax rates for hardworking Americans, nearly doubles the standard deduction, increases the Child Tax Credit and creates a new “family credit” to help pay for family expenses. With these changes, the average family of four will save $1,182 per year.
$1,182 can make a real difference in your family budget, right? On average, that money covers about a year’s worth of gas for your family car or your family phone bill for the year. Of course, that extra money could help pay for tuition, or pay down your debts faster, or pay for much-needed repairs.
We are also going to make it easier to file taxes. With our new, simplified system, nine out of 10 Americans will be able to complete their taxes on a single postcard.
Our legislation is focused on fairness. We eliminate the loopholes and carve-outs created by high-powered lobbyists and lawyers. No longer will the well-connected have special tax advantages not available to hardworking Americans.
This historic tax cut isn’t just about letting you keep more of your hard-earned money. The Tax Cut and Jobs Act is designed to help you get ahead by boosting the economy and creating more jobs.
The current tax code hurts Main Street businesses and local economies. Small businesses create nearly half of all new jobs, but currently, small business owners are taxed almost half of their income! Our legislation cuts the small business tax rate to no more than 25 percent so they can use their profits to create jobs, increase paychecks and strengthen our economy.
Far too many companies are shipping our jobs overseas. Our tax code is largely to blame. At 35 percent, America has the highest corporate tax rate in the industrialized world, no wonder businesses are leaving! In order to bring back jobs and encourage new companies to grow and create jobs here in America, we are going to reduce our exorbitant corporate tax rate.
These changes will create jobs, grow wages and give our economy the boost it so desperately needs.
This is a once in a generation opportunity. We are committed to giving taxpayers and job creators the biggest boost this country has seen in a generation.
Over the next few weeks, I will work with President Trump to pass this historic legislation and provide hardworking Americans the relief they deserve.