Tax Cuts Will Spur Economic Growth
The main reason that President Trump and the Republican-controlled Congress are pursuing fundamental tax reform this year is because the American economy has not seen annual economic growth above 3% since 2005. This is an indictment of decades of unabated growth in the complexity of the tax code, devoid of any meaningful attempt to permanently reduce tax burdens for all Americans.
This year, Americans will spend billions of dollars and countless hours trying to comply with the a staggeringly complex, 70,000-page, federal tax code. This is an effective tax on top of what Americans and their businesses owe.