Rep. Robert Pittenger
WASHINGTON – Today, Congressman Robert Pittenger (NC-09) attended a briefing with Speaker Paul Ryan and House Ways and Means Chairman Kevin Brady on the unified Republican framework for reforming our tax code for the first time since 1986.
“This is really an extraordinary jobs bill. This is going to spark major economic growth. Our plan allows hardworking Americans to keep more of their own money, brings our corporate tax rate in line with the rest of the industrialized world, and finally provides fairness for the small business owners who create the majority of new jobs,” said Congressman Pittenger. “America’s tax code hasn’t been updated since ‘Crocodile Dundee’ was in theaters. We can’t continue with a broken tax code that benefits the well-connected but doesn’t support hardworking Americans.”
Highlights of the Unified Tax Reform Framework:
LOWER TAXES:
*Shrinks the current 7 tax brackets into 3 (12%, 25%, and 35%)
*Doubles the standard deduction
*Increases the child tax credit
MORE JOBS:
*Brings America’s corporate tax rate into the average range for the industrialized world. Currently, America has the highest corporate tax rate in the industrialized world, contributing to jobs moving overseas
*Creates tax incentives to bring profits held overseas back to America, leading to increased investment
*Creates a lower tax rate for small businesses, which create the majority of new jobs
FEWER LOOPHOLES:
*Eliminates loopholes and special deductions primarily used by the powerful and well-connected
*Retains tax incentives for home mortgage interest and charitable contributions
“Over the next few weeks, I will work with President Trump and House Leadership to turn this framework into legislation which benefits hardworking Americans,” said Congressman Pittenger.
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