These reforms include a top corporate tax rate of 25% and eliminating the six rate categories for personal income and replacing them with two: 10% and 25% for individuals. By doing so, we can throw out the 70,000 pages of tax code, no longer have the highest business tax rate in the world, and lower the individual rates; making the tax code fairer, simpler, and reducing the yearly tax obligations for everyone. By eliminating loop holes and special deductions, we ensure every American pays their fare share of taxes for living in the greatest country on Earth.
The tax code was last reformed in 1986, under the leadership of President Reagan and the stewardship of the Democratic Speaker Tip O’Neil. Despite the reality of a divided government, what followed was a sustained period of economic prosperity that benefited all Americans. Nearly 30 years later, we find the same divided government and the same stagnated economy. We should aim that high again and put our economy on the path to prosperity.