The tax code needs to be simplified to create an equal footing domestically and internationally for both individuals and companies.
Personal Taxes need:
- Progressive tax rate based on income regardless of capital gains or ordinary income.
- Fewer deductions and lower tax rates.
- Adjustment of the EITC.
- Removal of AMT.
Business Taxes need to:
- Enact a Corporate Tax rate of 25% and Small Business Tax rate of 20%.
- Allow immediate expensing of capital purchases.