Senior Editor, Digital Content, U.S. Chamber of Commerce
January 27, 2017
The last major overhaul of the tax code happened 30 years ago under a Republican president. In 2017, under another Republican president, we have the opportunity to enact once-in-a-generation, pro-growth tax reform.
At the center of the debate will be Chairman of the House Ways and Means Committee, Rep. Kevin Brady (R-Tex.).
On Tuesday, Jan. 24, he visited the U.S. Chamber to outline his vision for tax reform.
His blueprint includes the “lowest tax rates on American job creators in modern history… so local businesses can invest more in their workers, their community, and their future.”
Along with that, Brady wants dramatic changes to how businesses write-off investments:
In addition, Brady’s tax reform blueprint “flattens out tax brackets and brings down rates for all taxpayers” and redesigns the IRS so it emphasizes customer service and responsiveness.
Brady also explained the most talked-about component of his blueprint, a border tax adjustment:
Brady argues that this approach “will dramatically simplify our international tax system and level the playing field for American businesses and workers.” This part of the proposal has elicited feedback across the spectrum. Further, the sheer novelty of this policy in American tax policy has left many taxpayers simply unsure of what to think without additional details.
With the goal of a more pro-growth tax code realistically possible, we need to look at the big picture. As Neil Bradley, Senior Vice President and Chief Policy Officer for the U.S. Chamber said at a press conference after the State of American Business address earlier this month: “It’s going to be important for us to look not just at those individual pieces but the tax reform as a whole.”
Rep. Brady started off what should be a fruitful debate of the possibilities and opportunities of tax reform.
About the authors
Sean writes about public policies affecting businesses including energy, health care, and regulations. When not battling those making it harder for free enterprise to succeed, he raves about all things Wisconsin (his home state) and religiously follows the Green Bay Packers.