For Ohio families and small businesses, complying with our nation’s confusing mess of a tax code can be a nightmare. It’s tens of thousands of pages of complicated provisions that often take tax software, an accountant, or a lawyer in order to comply.
More than 31 years ago, President Ronald Reagan signed an overhaul of our tax code that paved the way for economic growth, higher wages, and more American jobs. At that time, many of the pundits and prognosticators said bold tax reform couldn’t be accomplished. However, under Reagan’s leadership, tax reform overcame the odds and was signed into law, unleashing a new era of American growth and innovation.
Unfortunately, much has changed in the last three decades and our tax code has fallen behind the times.
However, Republicans in Congress and President Trump have been working on bold tax reform, the Tax Cuts and Jobs Act, aimed at middle-class families and the small businesses that drive our economy. While this is the beginning of the process, not the end, there is a lot to like in the bill.
First, this legislation provides much-needed relief for those in the middle-class. For example, a family of four making $59,000 a year would keep $1,184 more of their hard-earned money in their pocket. A single teacher making $48,000 annually would see a tax cut of $1,300 thanks to a standard deduction that is nearly doubled and lower rates. A single mother making $30,000 a year would receive a refund of more than $1,000 to help pay the bills and buy groceries.
Second, this bill will produce a tax code that will be dramatically easier to use for all Americans. With a much higher standard deduction, nine out of every ten taxpayers will be able to file their taxes on a form the size of a postcard. By reducing the number of tax brackets from seven to four, it’s easier to figure out exactly what you will owe.
Third, this reform bill would restore American competitiveness and create jobs. It allows small businesses to use a new 25% rate so that the engines of our economy can grow, expand, and hire more employees. That means a Main Street bakery that has an annual income of $59,000 would be able to keep $3,000 more of their income each year. That’s money that can help navigate the highs and lows of business ownership, or it can be reinvested back into the business. According to the Tax Foundation, more than 36,000 new jobs would be created in Ohio thanks to the growth from this tax plan.
In addition, the plan puts businesses on equal footing with their foreign competitors to ensure jobs are created here at home, not in China or India. U.S. businesses are subject to the highest corporate tax rate in the world. However, some of the biggest companies skirt this by utilizing a team of lawyers and accountants to scour the code looking for every tax break. We fix this problem by eliminating tax havens and loopholes companies receive while lowering the overall corporate rate to ensure American businesses aren’t at a disadvantage.
In a nutshell, this is big, bold reform.
With that being said, changing the status quo is never easy, and we’ve already seen this plan subject to ridiculous attacks. For example, the Washington Post Fact-checker gave “Four Pinocchios” to claims it would raise taxes on the middle-class. Don’t believe the nonsense coming from entrenched interests that have a stake in keeping the current tax code as complicated as possible. Under this bill, Ohio families will keep more of their hard-earned money, and all will benefit from an economy that is dynamic, strong, and growing.
The time to fix our broken tax code is now.
Latta, R-Bowling Green, serves in the U.S. House of Representatives.
2448 Rayburn HOB
Washington, DC 20515
Congressman Robert “Bob” Latta (R- Bowling Green) is currently serving his fourth term in the United States House of Representatives following his re-election in 2012. Congressman Latta serves on the House Energy and Commerce Committee, which has wide jurisdiction on legislative matters, including energy policy, telecommunications, food and drug safety, public health research, and interstate and foreign commerce. He is a member of the Subcommittee on Communications and Technology, where he was selected to serve as Vice Chair, as well as a member of the Subcommittees on Energy and Power, and Environment and the Economy. In addition, Congressman Latta serves as an Assistant Majority Whip, Co-Chairman of the Congressional Sportsman Caucus, and the Co-Chair of the Republican New Media Caucus.
Congressman Latta previously served as a member of the Committee on Agriculture, Committee on the Budget, and the Committee on Transportation and Infrastructure. Before his election to Congress, Latta was a member of the Ohio House of Representatives (2001-2007), Ohio Senate (1997-2000), and Wood County Commissioner (1991-1996).
Since his arrival to Congress, Congressman Latta has advocated for the interests of the people of northwest and west central Ohio and economic prosperity for the country. His top priorities have included balancing the budget, reducing the national debt, and working towards commonsense government reforms. Congressman Latta’s legislative accomplishments include:
· H.R. 270, the TRICARE Continuity Coverage for National Guard and Reserve Families Act, which allows “gray area” retirees access to TRICARE, and was amended into the 2010 National Defense Authorization Act (NDAA), becoming law, P.L. 111-84.
· H.R. 1622, the Spectrum Innovation Act, which authorizes the FCC to conduct incentive spectrum auctions generating billions of dollars to pay down our national debt, as well as unleashing spectrum for innovation and job creation. This incentive auction concept was included in the Middle Class Tax Relief and Job Creation Act, H.R. 3630 and signed into law.
· Latta authored language, which was included in the Food and Drug Administration Safety and Innovation Act, and signed into law in July 2012 (P.L. 112-144), to help ease drug shortages in the hospital setting.
This year, Congressman Latta was honored by the Healthcare Distribution Management Association (HDMA) with the Rx Safety and Leadership Award (Rx Award) for his leadership and commitment to advancing policies that enhance patient safety and security of the pharmaceutical distribution supply chain nationwide. Latta has also received the Ohio Farm Bureau’s “Friend of Farm Bureau” award, the United States Chamber of Commerce’s “Spirit of Enterprise” award, National Association of Manufacturers’ award for “Manufacturing Legislative Excellence,” National Taxpayer Union’s “Taxpayer Friend Award” and the American Conservative Union’s “ACU Conservative” award. In 2009, Latta was recognized with the Association of the United States Navy National Legislative Advocacy Award for his “superb leadership and outstanding service during the 110th and 111th Congress to improve the quality of life of Active Component and Reserve Component military members and their families.”
As a member of the Ohio General Assembly, Latta was committed to eliminating the death tax to help Ohio’s citizens, small business owners, and farmers, which he achieved in 2000 when 78% of Ohio death tax filers were successfully eliminated. Congressman Latta also worked to make Ohio streets safer when he sponsored the DNA Bill that requires all felons and certain misdemeanants to give DNA samples, which are then placed in the state and national databases. Latta also sponsored the juvenile crime legislation, which in part holds juveniles more responsible for their actions.
A longtime sportsman committed to wildlife and the outdoors, Latta was awarded by the U.S. Sportsmen’s Alliance, formerly the Ohio Wildlife Federation, with the Patriot Award in 2002 and 2012, which is given for “dedication and leadership in defending our outdoor heritage.” During his tenure in the Ohio General Assembly, he sponsored the Bald Eagle license plate. The proceeds from these plates are used to purchase eagle habitat and for eagle preservation throughout Ohio. Congressman Latta also serves as a hunter education instructor for the Ohio Division of Wildlife.
Congressman Latta has earned recognition from the United Conservatives of Ohio, naming him “Watchdog of the Treasury” in 1998, 2000, and 2005. The League of Ohio Sportsmen, which is affiliated with the Ohio Wildlife Federation and promotes environmental and sportsmen issues also nominated him in 2000 for the “Legislator of the Year” award. Latta has also earned recognition from the Ohio National Guard receiving the Major General Charles Dick Award for Legislative Excellence in 1999, and the “President’s Award” in 2006.
Congressman Latta is active in his community, where he is a member of the Bowling Green Kiwanis, having served as President, Director, and Trustee. Latta is also a member of the Bowling Green Chamber of Commerce and the Wood County Farm Bureau.
A lifelong resident of northwest Ohio, Congressman Latta graduated from Bowling Green Senior High School in 1974. He received a Bachelor of Arts degree from Bowling Green State University in 1978, and earned his law degree from the University of Toledo College of Law in 1981.
Congressman Latta and his wife Marcia reside in Bowling Green with their two daughters, Elizabeth and Maria.
A Happy Thanksgiving from the Latta family to yours! Enjoy your time with loved ones. A special thanks to the men a… https://t.co/0mofXYOHfz
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