A new task force announced on 2nd March their mission statement and broad policy goals for fixing the US tax code.
Force on Tax Reform is a committee-led group that seeks input from House Republicans to make sure their ideas and thoughts are reflected in the party’s pro-growth agenda.
The tax reform task force’s mission is to “create jobs, grow the economy, and raise wages by reducing rates, removing special-interest carve-outs, and making our broken tax code simpler and fairer.”
According to the task force, there are a number of key principles for tax reform.
1. Make the tax code simpler and fairer
· For instance, reduce the number of pages in the tax code, and reduce the length of tax returns and IRS instructions.
2. End loopholes.
· For example, by reducing the resources that are devoted to tax planning and tax avoidance.
3. Ensure businesses, both large and small, have a competitive tax system.
· This could be done by providing a fair and competitive tax rate for job-creating businesses.
4. Limit the tax code’s encouragement of the shift of jobs overseas.
• E.G. Reduce the tax penalty for bringing overseas earnings home to invest in America.
5. Remodel the tax code so it promotes economic growth.
• E.G. Increase private-sector employment, wages, and personal consumption.