Jun 24 2016
WASHINGTON, D.C.— Congressman Tom Rice (SC-07) today joined House Speaker Paul D. Ryan and members of the Ways and Means Committee to unveil a Republican-led plan to reform and simplify the United States tax code. This tax reform agenda offers American families a simpler, fairer tax system and restores American competition by allowing businesses to keep and create new jobs in the country.
“Time and again I hear from South Carolina residents about the weak economy, the need for jobs, and the daily struggle to save money and pay the bills,” said Rice. “Two-thirds of Americans believe their children won’t have the same opportunities that they’ve had, and it’s up to Congress to do something. This new pro-growth plan advances serious tax reform that will create a fairer system for families and allow American businesses to compete with the rest of the world.”
Currently, America has the highest corporate tax rates rate of any industrialized nation in the world, causing businesses to move jobs and operations overseas. In 1960, 17 of the 20 largest global companies were headquartered in the United States. However, in 2015, only six of the world’s 20 largest companies were headquartered in the United States. This plan would cut tax rates and restructure filing status for companies and small businesses so they can have the resources to expand in the U.S. and hire American workers. Under these reforms, American companies would no longer be taxed on international income both at home and abroad, allowing them to be more globally competitive.
Additionally, this plan proposes a fairer tax system to simplify the current tax maze of provisions. This plan would also redesign the IRS into an agency primarily focused on offering quality service while securing taxpayer confidentiality.
More information about the tax reform blueprint can be found here.