Hudson Supports Tax Cuts for Working People
September 27, 2017
FOR IMMEDIATE RELEASE
September 27, 2017
Hudson Supports Tax Cuts for Working People
WASHINGTON, D.C. - Today U.S. Representative Richard Hudson (NC-08) released the following statement after the House, Senate and White House unveiled a unified framework for historic, comprehensive tax reform that aims to spur job creation and grow our economy:
“We can all agree our current tax system is broken and too complex. It shouldn’t be that way. It should be so simple that most Americans can do their taxes on a postcard. The bottom line: fixing our tax code means more money in your pocket, and more jobs."
Rep. Hudson and his colleagues are working to advance a plan that makes the tax code simpler, fairer and flatter. Today, they unveiled a framework to develop legislation that delivers fiscally responsible tax reform by lowering rates, closing loopholes, and putting hardworking taxpayers ahead of special interests. It will:
- Create more certainty by eliminating the death tax, which can take up to 40 percent of a family business’s assets if the owner passes away. Rep. Hudson has long been a champion of this action and is the author of the Farmers Against Crippling Taxes (FACT) Act (H.R. 30) to permanently repeal the federal Estate Tax and end the double taxation that threatens the existence of family farms, small businesses and jobs.
- Shrink the current seven tax brackets into three – 12%, 25% and 35% – with the potential for an additional top rate for the highest-income taxpayers.
- Roughly double the standard deduction so that typical middle-class families will keep more of their paycheck. It also significantly increases the Child Tax Credit.
- Make filing taxes so easy that most Americans can use a form as simple as a postcard.
- Maintain the home mortgage interest and charitable contribution deduction while eliminating complicated itemized deductions.
- Limit the maximum tax rate for small and family-owned businesses to 25% - significantly lower than the top rate that these businesses pay today.
- Reduce the corporate tax rate to 20% – below the 22.5% average of the industrialized world.
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Issues:Tax Reform