The White House on Saturday said that Americans need tax reforms as the current tax code is a burden on American taxpayers and harmful to American job-creators.
In a statement, the White House said, "The current tax code is a burden on American taxpayers and harmful to American job-creators. It has grown out of control in length and complexity so that many Americans must rely on professional help to file even the simplest return."
It further added that "our outdated tax code also makes our businesses uncompetitive as other nations provide lower tax rates, and incentivizes American businesses to move their headquarters or offshore jobs".
President Donald J. Trump is working to reform our tax system so that Americans are treated fairly, can keep more of their hard-earned money, and companies can bring jobs back to the United States, said the White House.
On August 30, President Donald Trump touted tax reform as his key to unlocking economic growth and job opportunities - and put the onus on Congress to overhaul the U.S. system.
"So, this is our once-in-a-generation opportunity to deliver real tax reform for everyday, hard working Americans. And I am fully committed to working with Congress to get this job done," CNBC quoted Trump as saying at a speech in Missouri kicking off his tax-reform push.
"And I don't want to be disappointed by Congress. Do you understand me?"
On July 27, House Speaker Paul Ryan (R-WI), Senate Majority Leader Mitch McConnell (R-KY), Treasury Secretary Steve Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX) issued a joint statement on tax reform.
The statement gave an idea what Trump administration is eying through Tax reforms.
The statement said, "We are all united in the belief that the single most important action we can take to grow our economy and help the middle class get ahead is to fix our broken tax code for families, small business, and American job creators competing at home and around the globe. Our shared commitment to fixing America's broken tax code represents a once-in-a-generation opportunity...."
It further added that "the goal is a plan that reduces tax rates as much as possible, allows unprecedented capital expensing, places a priority on permanence, and creates a system that encourages American companies to bring back jobs and profits trapped overseas. And we are now confident that, without transitioning to a new domestic consumption-based tax system, there is a viable approach for ensuring a level playing field between American and foreign companies and workers, while protecting American jobs and the U.S. tax base. While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)