by Mitch Kokai
Senior Political Analyst, John Locke Foundation
House Republicans, led by Speaker Paul Ryan (R., Wis.), have introduced their tax reform plan, which would simplify the tax code so it could fit on a postcard.
“For years, hard working American taxpayers have asked Washington for a tax code so simple and fair and understandable that it could fit on a postcard,” said Rep. Kevin Brady (R., Texas) who chairs the House Ways and Means Committee. “That is exactly what we propose.”
The plan would lower taxes for Americans at every income level and would limit the number of tax brackets to three. It would lower the corporate tax rate from the highest in the world to 20 percent, and would lower the top individual tax rate to 33 percent.
“This postcard form will simplify the number of tax brackets by more than half,” Brady said. “It will take less from taxpayers at every income level because Washington takes too much of your hard earned dollars.”
Additionally, the plan would repeal the death tax, eliminate the alternative minimum tax, cut taxes on small businesses to 25 percent, and cut taxes on saving and investment, just to name a few of the reforms included in the proposal.