A Better Way -- U.S. House Republican Vision For A Confident America

U.S. House Speaker Paul Ryan -- A Better Way 2016
U.S. House Speaker Paul Ryan -- A Better Way 2016
A Better Way For Tax Reform
We send too much money to Washington, D.C. and too many jobs overseas. In a Confident America, the IRS and the tax code work for people, not against us.

We need a new tax code. It needs to be fair and simle for everyone. It should be so simple that most Americans can do their taxes on a form as simple as a postcard.

Our tax code should be built for growth. It should be built for growth. It should help make the United States the best place in the world to hire and invest. And if we're going to have a better tax code, we need a better IRS, one that puts the taxpayers first.

This blueprint offers a better way to dramatic reform -- without increasing the deficit. It does so by promoting growth -- of American jobs, wages, and ultimately the entire economy.

Key Facts:

70,000 = The length of our entire federal tax law.

20% = The globally competitive corporate tax rate our plan proposes. The current rate, 35%, is the highest in the developed world.

30 = Years since we last updated our tax code.

$150 billion = Amount the IRS paid out in fraudent EITC claims.

3 = Number of tax brackets in our plan. Much simpler than the current 7.

Our Ideas:

1. Simplify, flatten, and lower tax rates.

2. Reduce taxes on cap gains, dividends, and interest.

3. Eliminate individual alternative minimum tax.

4. Eliminate the estate tax.

5. Establish business tax rates for pass throughs / sole proprietors.

6. Reduce tax on investment incomes.

7. Consolidate basic family taxes.

8. Consolidate basic standard deduction, additional deduction, and personal exemptions for families and individuals.

9. Consolidate child credit and personal exemptions for dependents.

10. Eliminate the marriage penalty.

11. Require individuals to provide social security numbers to claim refundable portion of child tax credit.

12. Continue the Earned Income Tax Credit (EITC).

13. Work to reform EITC to reduce fraud / erroneous payments.

14. Work to develop options for providing more effective work incentives.

15. Simplify education tax benefits.

16. Individual tax base will be compensation received.

17. Families and individuals will include in income any compensation related to employment or self-employment.

18. Continue tax incentives for retirement savings.

19. Work to develop options for overall approach to retirement savings.

20. Eliminate all reductions except mortgage interest and charitable.

21. Repeal special-interest provisions / reductions.

22. Allow immediate write-offs of investments.

23. Lower the corporate tax rate to a flat tax of 20%.

24. Repeal corporate Alternative Minimum Tax (AMT).

25. American Business Competitive Tax.

26. Businesses can deduct interest expense against any interest income.

27. Net interest expense can be carried forward indefinitely.

28. Work to develop special rules with respect to interest expense for financial service companies.

29. NOLs will be allowed to carry forward indefinitely.

30. Carrybacks of Net Operating Losses (NOLs) will be prohibited.

31. Preserves the last-in-first-out (LIFO) method of accounting.

32. Work to evaluate options for making the treatment of inventory more effective.

33. Business credit to encourage Research and Development (R&D).

34. Work to make R&D credit more effective.

35. Eliminate self-imposed export penalty by moving to destination-based tax system.

36. Replace worldwide tax approach with territorrial tax system.

37. Move towards a consumption based tax.

38. Eliminate the bulk of the subpart F rules.

39. Only foreign personal holding company rules will continue.

40. Work to consider appropriate treatment of individuals working in today's global economy.

41. Streamline IRS into service-based units.

42. IRS team dedicated to helping taxpayers apply the new tax code.

43. IRS with enforced taxpayer bill of rights.

44. IRS with modern and secure system.

45. Eliminate IRS oversight board.

46. Stop unrelated IRS activities.

47. Eliminate regulations and rules.

U.S. House Speaker Paul Ryan -- A Better Way Congress Alliance
U.S. House Speaker Paul Ryan -- A Better Way Congress Alliance
U.S. House Speaker Paul Ryan
U.S. House Speaker Paul Ryan
Republican National Committee
Republican National Committee

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