Congressman Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, released the following statement as American families and business owners across the country file their taxes today:
“For far too long our tax code has been unfair and complicated. It has contained too many loopholes and provisions for special interests, and has forced hardworking Americans to pay for a Washington government that is too big, too powerful, and too intrusive. But, help is on the way.
“Republicans have a blueprint to make things right for the American people by reforming and streamlining the tax code. Our plan calls for greater simplicity so most families will be able to fill out their tax return on a form the size of a postcard. It would lower tax rates for most families and businesses, streamline seven tax brackets into three, and eliminate a host of special-interest provisions. Job creators will be able to take advantage of full and immediate expensing on investments in new equipment and technology. And, America’s 35% corporate income tax rate—the highest in the industrialized world—will be slashed to make us a magnet for business and industry.
“Our economy has been growing significantly below its potential for years now, essentially going 20 miles per hour down a highway built for going 70. One of the keys to getting the American economy firing on all cylinders again is fundamental tax reform. I look forward to working with my colleagues in the House to get this done for the American people who deserve a fairer, simpler, flatter tax code.”