Tax Reform is good for Deficit Reduction, because it would close costly loopholes in the Tax Code. Meaning more revenue would be taxed. It would also be good for our economy, because it would make our Tax Code more simpler and easier to follow. And we would be able to lower our Tax Rates, which would make our business’s more competitive at home. But around the World as well, where corporate Tax Rates are lower. Like in Canada for example. It would also be good for Tax Fairness, because High Earners would end up paying a larger percentage of their income in taxes. And we could lower Tax Rates on the Middle Class who are struggling just to get by right now. But have been doing better with an improving economy.
Assuming we stick with the Income Tax, even though I would like to see us move to a Tax System based on consumption. Rather then income. Giving americans more freedom in how much they pay in taxes. Based on what they spend, instead of what they earn. But if we stick with the Income Tax, I would like to see us close most loopholes in the Tax Code. Lower our Tax Rates, so we would tax more money thats earned but at lower Tax Rates. Move the Top two Tax Rates up to 35 and 40 instead of 31 and 36. And use that Tax Revenue to pay down our deficit and debt, not for more spending. Get rid of Corporate Welfare and other loopholes including to subsidy’s for Big Oil and Agriculture. But lower our Corporate Tax to 25% from 35%. Making our business’s more competitive at home and around the World. And keeping more jobs at home instead of sending them oversees.
Tax Reform has to be part of the Deficit Reduction debate, because currently revenue that could be used to pay down the deficit and debt. Is not be because of all of our Tax Loopholes and our complicated Tax System.