Cleaning Up the Tax Code to Brings Jobs Home and Fuel Growth
The U.S. tax code is cluttered with nearly 10,000 exemptions, deductions, credits and other preferences that reward special interest groups to the detriment of economic growth and honest, middle-class families. Teaming up with Republican Senator Judd Gregg, Ron Wyden has authored the first bipartisan comprehensive tax reform legislation since 1986. His plan would dramatically simplify the U.S. tax code, eliminating many tax privileges for special interest groups – as well as the alternative minimum tax – in order to hold down rates for working families. Under Wyden’s plan the vast majority of tax payers will see their tax rates go down at the same time that ending tax incentives for shipping jobs overseas will create new economic opportunities for Americans here at home.
Commentators and economists across the ideological spectrum have endorsed Wyden’s bill, while independent analyses agree that it will create millions of jobs, shrink the deficit and help middle-class families. The conservative Heritage Foundation has calculated that Wyden-Gregg will create 2.3 million jobs a year, shrink the annual federal budget deficit by $61 billion, and leave the average American family of four with over $4,000 more in their pocketbook each tax season. A coalition of American manufacturers calculate that Wyden’s plan will create nearly two million jobs and add half a trillion dollars to the American economy in the next five years, while the left-leaning Tax Policy Center if Wyden’s approach is adopted 80 percent of households would see their tax bill go down.
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