The U.S. tax code is quite simply anti-competitive and anti-growth.
For example, America has the highest business tax rate in the developed world. This encourages businesses to expand anywhere but here. And thanks to a system of unnecessary carve outs, credits and tax subsidies, the U.S. tax code encourages companies to spend resources looking for special loopholes and benefits, rather than investing in and growing their businesses.
It’s little wonder high tax rates and high compliance costs are now the number one economic concern for small businesses.
Meanwhile, individuals and families are forced to deal with an incomprehensible tax code that costs time and money to navigate. Tax preparation costs more than $230 billion each year.
Ultimately, the broken tax code limits opportunities for Americans who want nothing more than to achieve success. Elected leaders need to pass tax reform that ends distortive tax credits, simplifies compliance and dramatically lowers individual and business tax rates—giving more people a better shot at a brighter and more secure future.
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