Chief Economist Jonathan Williams Thoughts on Tax Reform
Hardworking American taxpayers deserve an economic boost, and the principles outlined in this federal tax reform effort will provide pro-growth tax rate reductions while adding fairness and simplicity to the tax code. We have suffered through the weakest economic recovery following a recession since World War II. Our economy needs pro-growth tax reform.
For years, states have led the way by providing substantial tax cuts. Federal efforts should follow the lessons learned from successful tax relief efforts at the state level. These case studies show that substantial tax relief yields a healthy economy, job growth and greater take-home pay. In the past year alone, nine states significantly reduced taxes, according to the annual American Legislative Exchange Council (ALEC) report, Rich States, Poor States. All told, in the past four years, nearly 30 states have significantly reduced their tax burdens.
All Americans — Republicans, Democrats and Independents — can agree on this: We deserve better results from our federal government, and we need more economic growth. Chairman Brady’s tax reform outline shows a pathway to provide real tax relief and restore the health of the American economy. ALEC members applaud the start of this long, but essential tax reform process.