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Tax Reform Ideas Could Help American Families
Elected Officials in Both Parties Voice Support for Reform
(Washington, D.C.) – According to economists and many Members of Congress, bipartisan tax reform can help spur growth in a U.S. economy that expanded by just 1.25 percent in the first half of this year. One prominent plan put forward would close loopholes, reduce and simplify income tax rates, reduce taxes on business, and increase the credit for families with dependent children. While there is not yet any consensus on how to proceed, some on both sides of the aisle have similar ideas about elements that may be included in a tax simplification package. Working together to address the inequities and inefficiencies of the tax code could help growth and improve the bottom line for American families.
Jorge Lima, Policy Director for The LIBRE Initiative, released the following statement:
"For years the White House and Members of Congress have talked and talked about the growth burdening inefficiencies of the tax code, and the need to do something about it. Yet instead of action, all we have seen is more talk. The American people can't wait any more.
The weak and inconsistent economic recovery isn't reaching millions of American families. Simplifying the tax code, lightening the burden on workers, and giving companies an incentive to invest and grow is one clear way to help. The president, Representatives and Senators should work together on a flatter, fairer, simpler tax code."