Principles of Reform
Presidential candidate Donald Trump says that he will balance the federal budget while also cutting taxes. Given that the gap between federal spending and revenues is more than $500 billion and rising, he is going to need lots of spending cuts to make that happen.
In his big speech last night Trump said:
The Office of Management and Budget has released new data on the amount of time Americans spend complying with the federal tax code. Tax Foundation summarizes the data here.
Ten years ago, if you walked down the street looking at faces passing by, you could have counted off “young, young, young, young, young, old …”. Fifteen years from now, if you do the same, it’s going to be “young, young, young, old …”.
House Republicans have released a proposal for major tax reform.
A new report from the Government Accountability Office finds that virtually every one of the 1.2 million employees in their study received a rating at or above “fully successful,” compared to only 0.1 percent who were deemed “unacceptable,” which might be surprising given the scandals that have rocked multiple agencies in recent years and the fact that these employees are people, prone to making mistakes or every day struggles like everyone else.
I met with a group of House Republicans last week to talk about tax reform. Ways and Means chairman Kevin Brady is laying the groundwork for a major tax restructuring next year, and so GOP members are boning up on reform ideas.
The problem with the federal government is not just its vast size, but its increasing scope. It has expanded into many areas that should be left to state and local governments, businesses, charities, and individuals. The federal expansion is sucking the life out of the private sector and creating a top-down bureaucratic society.
A number of House Republicans have testified to the Ways and Means Committee about their ideas for overhauling the tax code.
The House Ways and Means Committee is holding hearings on tax reform in advance of major restructuring next year should a Republican win the White House.
Today, Rep. Roger Williams presents his plan to the committee. The congressman’s Jumpstart America legislation is a good plan, but I would make it better in these ways:
On the presidential campaign trail, the candidates seem far apart on tax policy. The Democrats favor tax hikes on high earners, and the Republicans favor tax cuts all around. But with voters currently struggling with tax-return filing, all the candidates should be addressing the tax code’s appalling complexity.
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