Begrudgingly Celebrating the 30th Anniversary of the Tax Reform Act of 1996
Entrepreneurs and small businesses are being crushed by an outdated, confusing and counter-productive tax code. And businesses aren’t the only ones being squeezed. The United States has the highest business tax rate in the world, which is costing American families $3,000 per year in spending power.
Yet despite these challenges, last week marked a staggering 30 years since Congress last passed major tax reform.
Working together, the next president and Congress can deliver for America's taxpayers by simplifying the tax code and setting a fair business rate of no higher than 25 percent within the first 100 days.
Ponder this lopsided statistic for a moment.
The United States, with just 4% of the world's population, generates 64.4% - nearly two-thirds - of all new prescription and biologic drug patents worldwide.
Our nearest individual competitor, Japan, accounts for a distant second at 10.7%, and China merely 0.2%. The entire combined European Union produces 24.8%, or about one-third of what we create, with remaining developed nations accounting for only 6.0%.
That disparity isn't due to blind luck. It's the direct result of America's current and historical standing as the…
"With the news that Obamacare premiums will go up by an average of 22 percent next year, the Democrats and their media cheerleaders have engaged in Olympic-caliber hand-waving and misdirection, anything to avoid admitting the obvious: that the program is poorly designed, incompetently executed, and based on false assumptions about what actually ails the U.S. health-care system. The case for replacing…[more]