15% income tax rates and 25% of small business deductions should be a tax derection of central parts

Now that the Republicans have agreed in the house on budget resolution to fund their legislative priorities, the discussion begins on certain tax decreas that will be joined in the finals. “A big, nice account. “

At the top of this list is fulfilled by the President Donald TrumpOPEN-UNDED CALL TO MAKE TAX TO 15%. This reduction of the tax rate would make it significantly more competitive now and jump to our The economy still feels the effects of four years against growth.

According to the analysis of the tax foundation, the income tax rate of 15% would significantly increase GDP, wages and jobs.

The law on tax and job reduction law, which entered into force in 2018, reduced profit tax with 35% – one of the world’s highest – to 21%, middle of the package. In response, US corporations increased domestic investment on an average of 20%, according to the NBER study, which analyzed 12,000 income tax refund.

Trump is popular, including many of his politics. Democrats are tanking

The lower tax rate is the main reason why Our living standards They have far surpassed other developed countries in recent years.

A 15% tax rate would create a new wave of success. Shareholders, including 61% of Americans who own shares and ordinary workers, would be the largest users.

A 15% income tax reduction would also help small businesses, 1.5 million of which is structured as corporations. Small companies that serve corporations and their workers would also benefit from new opportunities and higher revenues.

I helped Trump to get his first tax reduction account through Congress. Failure this time is not an option

But what about the vast majority of small businesses structured as transient passages and tax payments per single rate? Republican Tax Account You should They also give these subjects relief similar to that proposed for the companies involved.

Small former businesses were among the largest users of Tcja. They received 20% tax deduction, accelerated costs and lower tax rates, bringing new life in the state entrepreneurial climate.

Nearly 20 million small businesses are used by the deduction of Tcja each year. Unfortunately, the provisions on small businesses expire at the end of the year.

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MPs may retain a tax law fair by increasing a deduction of 20% taxes on small businesses to 25% at the same time reduce Corporate rate up to 15%. This higher deduction means that a small company that earns $ 200,000 a year would face an effective tax rate that is approximately equal to corporations (not including other deductions).

MPs should also ask to expand this deduction for small businesses on even more transient entities. Currently, about 200,000 dollars of earnings are being abolished for individual fillets that are not manufacturers. A significant increase in this threshold of income would allow many more SMEs middle class small small businesses to enjoy the tax relief, avoid penalties for growth and compete on equal terrain with corporations.

They Corporate and Small Company Tax Reduction He would encourage an economic flourishing that would pay a lot, if not most of the taxes, their costs in the reproduction of the original tcja. Since 2017, tax revenues adapted to inflation (no tariff) have increased significantly. Democrats and their media allies claim that they are a fiscal accident from Republican tax reductions at the time, they were not wrong and are now wrong.

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Consumption, not a tax reduction, which triggers a deficit. Since 2017, federal consumption has been with $ 4 trillion a year to almost $ 7 trillion due to reckless and inflation consumption. Fortunately, The GOP budget compromise Includes targeted $ 2 trillion in consumption reduction to get a deficit under control.

While legislators begin to discuss the reduction of taxes in their historical proposal for the compliance law, which will determine the economic prospect of the country in the next decade, everything should be on the table. But 15% tax tax and wide, 25% of small business deductions should be central parts.

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Alfredo Ortiz is the Job Creators Network CEO.