No one in their right mind chooses complexity over simplicity. Taxpayers deserve a simple tax code and a simple way to file taxes each year, instead of the convoluted monstrosity of a tax code we have now. It has been said that although the Internal Revenue Code is twice the length of the Bible, it has none of the good news.
Our tax code hasn't been meaningfully reformed in over 30 years. It is cluttered with seemingly endless complications, regulations, rules and loopholes - all creating significant burdens for small businesses, employees, and our economy at large. It's time we take tax reform seriously so that our economy grows.
Where do we start? We start by making taxes fair and simple for the American people.
Tax reform is ultimately about the people. It's always been about helping middle-class families and all American citizens who work hard, play by the rules, and pay their taxes. It's about hardworking people who want something to pass on to their children. It's about local employers who are tired of red tape.
A fair and simple tax code is what business owners in our district and the state are clamoring for.
I hear this from my constituents all the time. Recently I participated in a discussion hosted by the Colorado Business Roundtable, and talking about tax reform was their top priority.
Local business leaders are on the front lines bearing the brunt of a burdensome tax structure and they're desperate for relief. I know what a nightmare the current system is for so many Americans.
That's why the new plan makes taxes as simple as sending a postcard. I understand that employers dread seeing a sizable portion of their profits go to taxes when those same profits could be better used growing their business and our community. The new plan would cut the tax rate for small and family operated employers to 25 percent - significantly lower than what businesses are paying now. It is also no secret that many businesses leave income overseas to shield it from excessive taxation. The new plan creates incentives to keep wealth in America instead of keeping it offshore.
Tax reform helps by lowering marginal tax rates for individuals and families. The proposed plan would simplify the tax code by reducing the number of tax rates from seven to three. This allows families to keep more of their hard-earned money for investment in what's most important to
them. The plan also doubles the standard deduction, allowing middle-class families to keep more of what they earn. The Child Tax Credit would also be increased, so you're not financially punished for raising a child. Yes, some deductions or credits will go away, but the overall lower tax rates should more than make up for that.
Under the new plan, families will take home bigger paychecks, hardworking Americans will get a return on their own time and money, and all taxpayers will benefit from a simple code that saves them money.
A majority in Congress stand unified behind the goal of lowering taxes for everyone including the middle class and not just the wealthy. President Trump is working to bring this to fruition by proposing common sense solutions and keeping it at the top of his priorities. This updated tax code allows Americans to keep more of their paychecks and will positively impact our economy. It gives everyone a better shot at the American Dream and is the fulfillment of a promise made by the president and Congress to the American people.
The recent Senate amendment to the budget will take us one step closer to securing the fiscally responsible budget our country needs and providing us the opportunities to continue delivering what the American people have asked through tax reform.
Both conservatives and business groups applaud this budget for its critical role in tax cuts and tax reform. I look forward to finishing the work we have started and relieving Americans of the burdensome tax system.
We have introduced a framework that promises a brighter economic future for everyone. Now is the time to get this done.
Doug Lamborn is the U.S. representative for Colorado's 5th Congressional District.