Rep. Smith: Tax plan to help taxpayers and employers, create jobs
by Lamar Smith on October 2, 2017 at 3:08 PM
I recently gave the following statement on Republicans’ Unified Framework for Fixing Our Broken Tax Code.
Our tax plan helps the great majority of tax payers and employers, and will create more jobs for American workers. It is simpler and fairer for families. The tax plan doubles the standard deduction to $24,000 for married couples filing jointly. This means workers’ paychecks get more relief from federal income taxes. And the number of tax brackets is reduced to only three, down from seven. The tax rates for small and family-own businesses and corporations are also lowered. Our current corporate tax rate is the highest in the world and has caused countless companies to shift their business offshore. This tax reform encourages companies to bring their profits and jobs back to the U.S.