With Republicans in control of both chambers of Congress and the White House in 2017, a Florida Republican is urging major tax reform in the coming year.
U.S. Rep. Vern Buchanan, R-Fla., who sits on the U.S. House Ways and Means Committee, went to bat for tax reform on Monday, sending a letter to U.S. Senate Majority Leader Mitch McConnell, R-Ky., and U.S. House Speaker Paul Ryan, R-Wisc., on the matter.
Buchanan called on the congressional leadership to use the moment garnered by Donald Trump’s victory in the presidential race to reform the tax code.
“I write to urge that Congress capitalize on the historic opportunity to fundamentally overhaul the U.S. tax code and jumpstart the economy," Buchanan wrote. “President-elect Donald Trump as well as House and Senate Republicans support reforming the tax code, presenting a rare and golden moment for tax reform. The tax code punishes ordinary Americans and suffocates business growth. It’s time to fix the economy by simplifying the tax code and reducing rates on individuals and businesses. People have been looking at their bank account balance with a knot in their stomach for too long.”
As one possible change, Buchanan showcased his “Main Street Fairness Act" which would ensure small businesses never pay higher tax rates than corporations as one possible tax reform.
“It’s clearly time that Washington stopped punishing small businesses and started helping them,” Buchanan said.
Buchanan’s proposal has won the support of incoming President Donald Trump, the GOP congressional leadership and a host of groups including the National Association of Manufacturers, the National Retail Federation, Americans for Tax Reform, the Florida Chamber of Commerce and Florida TaxWatch.
“Tax reform will help Americans get a job, make more money and spend less time doing their taxes,” Buchanan wrote. “It’s time to give the American people a break – we have suffered together through years of slow growth. In fact, the Obama presidency did not see economic growth higher than 3 percent at any time.
“Congress needs to take advantage of this rare opportunity to pass sweeping tax reforms,” Buchanan concluded.
