How can we grow our economy?
Start by simplifying our tax code
My Growth Code is a 5-point plan that will put America on a sustainable path of economic growth. I propose:
- A simple, unified 15% rate on all business income, regardless of the type of entity;
- Tax rates of 10%, 15% and 25% on individual income as currently defined under the Internal Revenue Code;
- Immediate expensing of capital equipment;
- Elimination of the abhorrent practice of double taxation;
- Any household living in poverty will receive a family tax credit of $4,300.
What will the Growth Code mean for people, businesses and the economy?
Under the Growth Code:
- Small businesses will no longer be taxed as individuals. Instead they will be taxed as entities and pay no more than 15% on their revenue in taxes. All businesses will pay the same rate.
- Tax brackets will be lowered and dramatically simplified for individuals across the board, including the middle class.
- Profits made abroad will no longer be taxed when brought home for reinvestment. This will bring an surge of capital investment in America.
- Taxes on dividends, distributions and capital gains will be eliminated.
- Every American will pay taxes. Americans living in poverty will pay less.
- The mortgage deduction and charitable giving deduction will be protected.
- American companies will finally be able to compete on a level playing field against our biggest competitors, such as Japan, China and the largest economies in Europe.
Americans have always looked at our country as the “city upon a hill” from the time of the Puritans to John F. Kennedy to Ronald Reagan. The Growth Code is our way back to economic prosperity so we can all again see a brighter future where the American Dream is secure and thriving.
Thank you for reading. Please comment to let me know what you think.