Loudermilk: Americans Need Tax Relief Now

Editor's note: U.S. Rep. Barry Loudermilk (R-Cassville) has issued the following statement in regard to the tax reform framework released on Wednesday.

Hardworking Americans have way too much taken from their paychecks by the government, and it is time to give the people a pay raise by letting them keep more of what they earn. Today, we released a framework for tax reform to cut taxes for all Americans, promote job growth, and build a stronger economy.

We need to prioritize the American people and remove the barriers that keep them from achieving their dreams. Our plan will put more money in the pockets of Americans by eliminating taxes for families earning $24,000 per year or less, reducing the tax rate for other wage earners, including small businesses, and simplifying the tax system.

Due to the slow growth of the economy and the high cost of operating a business in our nation, many businesses have not been able to give their employees pay raises to keep up with rising costs. The plan we unveiled today will reduce the tax burden on small businesses, giving them the extra revenue they need to take care of their employees and to grow their business. I am looking forward to working with the President and my colleagues in Congress to ensure passage of this historic legislation before the end of this year.

The Tax Reform Framework:

• Lowers rates for individuals and families
• Doubles the standard deduction
• Simplifies the code by eliminating numerous complex tax provisions
• Reduces the number of individual tax brackets from 7 to 3
• Eliminates loopholes for the wealthy
• Repeals the Death Tax and Alternate Minimum Tax (AMT)
• Makes America competitive internationally
• Creates a new lower rate for small and family-owned businesses

We still want to hear from the American people about what is important to you and what you think of the plan. This is an ongoing process that is still open to ideas and solutions.Check out the plan and share your thoughts by clicking here.

Image via U.S. House of Representatives