The U.S. tax code is a tangled mass of complexity, containing more than 4 million words. The immense difficulty in navigating such a document creates endless loopholes and opportunities for abuse by well-connected insiders, while at the same time distorting investment decisions and hindering economic growth. It’s time to scrap the code and replace it with one that is low, flat, fair and honest. Ultimately, all Americans should be able to file their taxes on a form the size of a postcard.
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“This is the flip side [of] tax the rich, tax the rich, tax the rich. The rich leave, and now what do you do?” Gov. Andrew Cuomo asked this month, and it’s a vexing question.
There has been much talk in recent weeks of marginal income tax rates. Although the far-left have, talked about a return to high marginal income tax rates for several years, Rep. Alexandria Ocasio-Cortez (D-N.Y.) recently renewed the conversation. The “democratic” socialist has called for a massive wealth redistribution, with a top marginal rate of 70 percent.
WASHINGTON, D.C. -- In response to the Bureau of Labor Statistics report this morning that the US economy added 350,000 jobs in the month of December, 2018, Stephen Moore, FreedomWorks Senior Economic Contributor, commented:
WASHINGTON, D.C. -- In anticipation of the report by the Bureau of Labor Statistics that will be released Friday morning, Stephen Moore, FreedomWorks Senior Economic Contributor, commented:
WASHINGTON, D.C. -- In response to the recent report by the Department of Labor which showed a 3.1% increase in U.S. workers’ wages and salaries, Adam Brandon, FreedomWorks President, commented:
WASHINGTON, D.C. -- In response to the proposal by prominent Democrats to repeal the Tax Cuts and Jobs Act and replace it with increased government transfer payments, Adam Brandon, FreedomWorks President, commented:
Americans often hear from radical leftists that “the rich need to pay their fair share” of income taxes. The rhetoric is hard to avoid. Sen. Bernie Sanders (I-Vt.) based partly based his failed 2016 presidential campaign on soaking the wealthy in taxes, and House and Senate Democrats railed against the Tax Cuts and Jobs Act, H.R. 1, because it lowered tax rates across the board, including on higher-income earners.
The Tax Cuts and Jobs Act achieved many goals. It delivered a historic reform of the individual tax code, lowered individual and corporate tax rates, and boosted economic growth. Indeed, the United States’ economy will most likely see 3 percent annual growth this year for the first time since 2005.
