The House Budget Committee has released a new video this morning explaining how to fix our tax code to make it fair, competitive, and simple for everyone. The basic idea is to close tax loopholes, lower the corporate tax rate and top individual tax rate that businesses pay, and make it simpler by reducing the number of tax brackets.
And as with all of their videos, they do an excellent job of explaining it in a way that people will understand:
If we really want to be competitive in the global economy, to keep jobs from leaving the US, then we must compete for it by reducing the cost of doing business. It’s just that simple. And what Paul Ryan outlines in this video puts us on that path. Of course, we also need a major overhaul of our regulatory system, but hopefully that will come in time…like in 2013.
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