WYOMING – Senator Mike Enzi released made comment yesterday after the release of a uniformed tax reform framework by leaders in the U.S. Senate, U.S. House of Representatives and the Trump Administration.
“America’s tax system is a complicated mess that is slowing our economy and hurting American families, plain and simple. Congress has the opportunity to right the ship by passing real tax reform that will make our tax code simpler and fairer for all Americans,” Enzi said.
According to early reports from analysts, changes to the personal tax rate include a proposed 12% bottom for lowest income earners, 25% for a middle tax bracket, and 35% for top earners. The standard deduction would also increase from $6,350 to $12,000 for individuals.
“We can help jumpstart our economy by providing pro-growth tax relief that will put more money in the hands of working families across the country. This would mean more jobs. More jobs leads to competition to get workers and that drives up wages. We need to get our country’s economy back on track. Our economy has lots of potential, but it needs Washington to get out of the way in order to get it back up to speed. Tax relief helps grow the economy because Americans, not the federal government, know best how to spend their hard-earned money,” Enzi said.
Corporate tax rates are slated for cuts as well. The current statutory federal rate is 35%. Trump had originally pushed for 15%. The new plan now calls for a 25% tax on corporations.
“The United States has one of the highest corporate tax rates in the world. But we can make America a more inviting place to invest, do business and create jobs by lowering our high tax for businesses here at home. If you care about jobs — your job — and if you care about American companies not moving overseas and competing overseas again, then you care about this. It doesn’t help folks in the U.S. when a company moves overseas. But lowering our uncommonly high, and uncompetitive, business tax rate would be one of the quickest ways to help create more jobs in the United States and increase wages,” Enzi said.
