Tax Reform

The Corporate tax reform should be handled with a single Bill to reduce the US Corporate Tax Rate from 35% to 15% and offer a 10% tax rate on corporate money transferred from foreign banks to US banks. These rates should be effective January 1, 2017. 

 

This is too critical to making our tax code competitive and allowing manufacturing jobs to return to the US. No attempt should be made to combine this corporate tax rate change with the Individual Income Tax rate reform. This Bill should pass immediately.

 

The current quagmire of corporate tax loopholes, tax breaks, special deals and subsidies should be eliminated for all corporations who wish to have their tax rate reduced by 20%.

 

The Individual Income Tax rate reform to enable tax filers to file their own tax forms on a single sheet of paper needs to be handled in a separate Bill that follows the enactment of the corporate rate reduction. This Bill is not as critical as the corporate rate change and needs to be done carefully. The House should publish the revised tax table for 2017 and a complete list of deductions and distribute these widely prior to passage, so that voters can fully understand what their taxes will be for 2017.  This Bill should be passed by the end of 2017 and be effective January 1, 2017.

 

It looks like the deductions for State and local taxes should be included in the new tax law to ensure “yes” votes from Republicans from those high tax States.

 

The inheritance tax needs to be abolished to ensure that large family businesses and farms are not destroyed.

 

Eligibility for the childcare CID tax rebates for low income working parents should be tightened to exclude family members not living in the US. Illegal immigrants have been committing tax fraud for decades by claiming all of the relatives.

 

Norb Leahy, Dunwoody GA Tea Party Leader