Sixteen CEOs from large companies are urging Congress to enact comprehensive tax reform that would end a tax on domestic production and make companies in the United States more competitive globally.
A small business owner told lawmakers earlier this week that his company spends $14,000 each year to comply with the federal tax code, representing the largest barrier to entrepreneurship.
The federal government collected a record $1.08 trillion in taxes in the first four months of fiscal year 2017, but the federal government still ran a $157 billion deficit during that time, according to the latest monthly Treasury Department statement.
A destination-based cash-flow tax system, which House Republicans are proposing, would improve simplicity, help reduce income inequality, and spur economic growth, according to a report from the Office of Tax Analysis.
The federal government collected approximately $740 billion in taxes in the first quarter of fiscal year 2017, but the federal government still ran a $208 billion deficit during that time, according to the latest monthly Treasury Department statement.
House Majority Leader Kevin McCarthy (R., Calif.) said that the way to create growth in this economy is through healthcare, tax, and regulation reform.
President-elect Donald Trump’s proposals to cut taxes on corporations and personal income will boost economic growth, according to a new report from the World Bank Group.
The Affordable Care Act’s health insurance tax will lead to more premium hikes if it is not repealed, according to the U.S. Chamber of Commerce.
The complexity of the tax code now costs the economy around $1 trillion per year, according to a report from the Tax Revolution Institute.