How To Talk About…
UPDATING THE TAX SYSTEM
- Freedom and opportunity encourages innovation, hard work, and prosperity. When people thrive, families, communities and the nation thrive and the quality of life for everyone is lifted.
COMPLEX AND CORRUPT
- The current tax system is too complex. It is hard to understand and more expensive than it needs to be to comply.
- The tax system is corrupt, encouraging cronyism and favoritism, and allowing government and special interests too much influence in picking winners and losers.
- Lower individual and business tax rates, particularly the top marginal rates, to encourage saving and investing.
- Establish a consumption tax base by considering a traditional flat tax, the New Flat Tax, a business transfer tax, or a national sales tax.
- Eliminate tax preferences to avoid picking winners and losers.
- Thirty-eight percent of all income taxes are paid by the top 1 percent of income earners who receive only 22 percent of all income.
- Tax reform could cause the economy to grow by as much as 15 percent over the next 10 years.
- Combined federal and state corporate income tax rates average over 39 percent compared to 25 percent in other developed nations.
Go back to the main list of “Pocket Solutions.“
Click here for more in-depth details and information provided by the Heritage Foundation.