Source: US Rep. David Rouzer, (NC-7th), 10/20/17

Dear Friends,
As I travel across the 7th District, I continue to hear from Southeastern North Carolinians, small business owners, families of all income levels, farmers and more on the need for fundamental tax reform.  For decades, our tax code has incentivized American businesses and jobs to leave our country.  Small businesses have been forced to spend precious resources and time on complying with our burdensome tax code – instead of being able to focus on growing their businesses, increasing revenue and creating new jobs.  Worst of all, hard-working, middle class families have struggled to make ends meet forcing many to live paycheck to paycheck.

Now is the time for real, fundamental tax reform.

Now is the time to deliver much-needed relief to American families, individuals and businesses.
House Republicans, along with leaders in the United States Senate and the Trump Administration, have released a set of unified principles for a tax reform plan focused on simplicity, growth and prosperity.  Our plan is focused on growing the economy, increasing pay for lower and middle income families, bringing jobs and investment back from overseas, and putting America first.

One of our first priorities is lowering tax rates for those who need it most.  Under our tax proposal, we take the 10% bracket and make it zero.  Then we lower rates across the board so that every American, at every income level, will be able to keep more of what they earn.  For many, this means more money to help send a child to college, achieve home or car ownership, pay off their credit card, and/or save for retirement.  We also double the standard deduction and increase the Child Tax Credit to $1500 per child up from $500 per child under current law.  

We’re also working to deliver tax relief for businesses – especially small businesses, which serve as the backbone of our economy.  Our plan proposes a 40% tax cut for all businesses to achieve the lowest reduction in rates in modern history and end the incentives to ship jobs and capital overseas (which also means that those tax revenues currently do not return to America!)  Under our framework, the maximum tax rate applied to business income of small and family-owned businesses that file their taxes on their individual return would be limited to 25 percent.  It would also allow businesses to do a full, 100% expensing of capital investments during each of the first five years of this new plan. 

We would also permanently end the death tax to provide relief for those who have inherited assets, especially important for those who have farms and other land passed down generation to generation.  And, in order to make it easier for American companies to reinvest in their companies, create new jobs, and keep their base of operations in America, the plan calls for lowering the corporate tax rate to 20 percent.

These reforms will ensure American companies – of all sizes – can compete, grow and win anywhere in the world, but especially right here at home in America.

For Southeastern North Carolina, this is a first step to enacting into law a tax code that would benefit every individual and family – including our farm families and small businesses – and, so simple the vast majority would be able to file their tax returns on a postcard.

Under the leadership of President Trump, and with your support, we can achieve real, fundamental tax reform that will grow our economy, jobs and increase prosperity for every individual and family.

For more details on our plan, please visit fairandsimple.gop.