Title: Supporting initiatives by President Trump to create a new age of American prosperity by reducing the crushing tax burden on American families and American companies.
Policy area: Taxation

Summary:
Affirms the leadership and commitment of President Trump to simplify the tax code and supports tax policies such as raising the standard deduction, increasing the child tax credit, lowering rates, and changing the corporate tax system to a territorial system.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 530 Introduced in House (IH)]

<DOC>






115th CONGRESS
  1st Session
H. RES. 530

   Supporting initiatives by President Trump to create a new age of 
  American prosperity by reducing the crushing tax burden on American 
                    families and American companies.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 21, 2017

    Mr. Renacci (for himself, Mr. Marino, and Mr. Johnson of Ohio) 
submitted the following resolution; which was referred to the Committee 
                           on Ways and Means

_______________________________________________________________________

                               RESOLUTION


 
   Supporting initiatives by President Trump to create a new age of 
  American prosperity by reducing the crushing tax burden on American 
                    families and American companies.

Whereas not since President Reagan signed into law the Tax Reform Act of 1986 
        has a significant overhaul been made to the now 2,400,000 word 
        individual and corporate tax codes;
Whereas an average of 8,900,000,000 hours and $409,000,000,000 in expenses are 
        spent each year complying with Internal Revenue Service tax filing 
        requirements;
Whereas 72 percent of Americans feel that the ``economy is rigged to advantage 
        the rich and powerful'';
Whereas the high individual rates in the current tax code take too much hard-
        earned money from ordinary Americans struggling to get by, reducing the 
        amount of their badly needed take-home pay;
Whereas our outdated, worldwide tax system discourages increased investment in 
        the United States, effectively trapping foreign earnings in other 
        markets and fueling the migration of American businesses to lower-tax 
        countries;
Whereas the United States currently taxes businesses at the highest statutory 
        rates in the developed world, inhibiting their ability to hire and train 
        new workers, raise wages for workers already on the payroll, and invest 
        in research and new equipment;
Whereas it is evident from widespread research that comprehensive tax reform 
        could prompt business investment, productivity gains, and increase 
        output and wage growth;
Whereas cross country comparisons demonstrate that effective corporate tax rates 
        have a large and significant adverse effect on corporate investment and 
        entrepreneurship--raising the effective tax rate by 10 percentage points 
        reduces the investment rate by 2.2 percentage points;
Whereas our current tax scheme is a complicated web of deductions, which reduce 
        the effective rate, but create distortions and preferences (picking 
        winners and losers), as well as onerous compliance costs;
Whereas lowering the rates would bring the United States more in line with 85 
        other developed countries, encouraging businesses with a global 
        footprint to expand their operations in the United States by enabling 
        them to compete on an even playing field with foreign-based competitors;
Whereas a 2017 Organization for Economic Cooperation and Development (OECD) 
        study suggested expansion to the United States economy could come 
        through a corporate tax overhaul which would ``drive household 
        consumption and investment activity'' while ``tax simplification for the 
        corporate sector would ease the burden, especially for smaller 
        enterprises, which have recovered sluggishly from the financial 
        crisis''; and
Whereas rate cuts have shown themselves to be a reliable catalyst for growth: 
        Now, therefore, be it
    Resolved, That the House of Representatives--
            (1) affirms the leadership and commitment of President 
        Trump to simplifying the tax code for all Americans so that it 
        is simple, fair, and easy to understand;
            (2) supports tax relief that will benefit Americans by 
        raising their standard deduction, increasing the child tax 
        credit, and lowering tax rates substantially;
            (3) supports individual rate cuts that touch all 
        individuals and leverage higher rates of economic stimulus;
            (4) supports ending the rigged system where special 
        interests win at the expense of the middle-class;
            (5) supports tax relief for all businesses of all sizes, by 
        reducing rates as much as possible to restore America's 
        competitive edge and make America the best place in the world 
        to hire, invest, and to grow;
            (6) supports family businesses by not allowing the death 
        tax to crush the American dream;
            (7) supports retooling the tax code to give American 
        workers a level playing field within our international economy;
            (8) supports switching from a worldwide tax system that 
        encourages companies to keep their funds offshore to a 
        territorial system that encourages companies to bring their 
        profits back home to America;
            (9) encourages following regular order as tax reform moves 
        forward to ensure the greatest likelihood of success; and
            (10) encourages all Americans to call on Congress and 
        demand delivery of this once-in-a-generation opportunity to put 
        America first.
                                 <all>