October 22, 1986, was the last time a major reform to the American tax code was signed into law. That was the same year that the UK and France announced their plans to construct their underwater rail tunnel linking the two countries by way of the English Channel. That’s right — our current tax code is older than the Chunnel.
Old doesn’t inherently mean bad, but when it comes to tax code it does. When you consider what our economy, technology, and world looked like back in 1986, you can understand WHY old simply doesn’t work when it comes to the tax code. A lot can change in 31 years!
Old means that global competitiveness has drastically changed thanks to economic and industrial development around the world. Old means that current culture and family dynamics aren’t reflected in tax policy. Old means that loopholes and regulations have had time to creep in.
In short, old means our tax code has become an excessive burden on middle class families, Main Street job creators, and the American economy.
Well, we have a plan to fix this.
SO, WHAT DOES OUR VISION LOOK LIKE?
Our vision for tax reform…
Two-thirds of the American taxpayer population claims standard deduction. Under the proposed plan, an increased standard deduction means that these taxpayers will be able to keep a larger percentage of their annual income.
Our vision for tax reform keeps you, the American taxpayers, at the center.
Start the conversation with your friends and family to better understand the tax reform coming down the legislative pipeline.
If you like the idea of having a higher standard deduction (who doesn’t?!?), then you’ll love what we have to say about unfair special interest loopholes.