By the Price of Business, Radio Partners of US Daily Review.
- 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 IRC;
- 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 these steps mean to 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 explosion 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.
Independent economic modeling studies by former Treasury Department officials have projected that enactment of The Growth Code will lead to:
- A dramatic drop in the unemployment rate from 9.1% to 4.7%;
- A 14.5% increase in GDP;
- A 14.8% increase in federal tax receipts;
- A 35.3% boost in capital investment.