President Trump introduced a significant tax reform proposal that will dramatically lower the business tax rate, simplify the individual tax code, and cut tax rates for many American taxpayers.
While there are still many details to be filled in, the basic contours of and principles underlying Trump’s reform plan are worth supporting.
We haven’t seen an overhaul of our tax code for over thirty years, since Ronald Reagan was president and such major change is long overdue. And why do we need reform? To put it simply, our tax rates are too high, the tax code is too complicated, and we have a system that disincentivizes growth and investment, two things our economy desperately needs.
The next few months will bring a lot of back-and-forth and much politicking over the president’s proposed changes to the tax code. But Republicans and Democrats should agree that our tax system needs to be improved and modernized. It will help American businesses compete, and American families do better.