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Americans need tax reform, says White House

ANI  |  Washington D.C. [U.S.A.] 

The on Saturday said that Americans need reforms as the current code is a burden on American taxpayers and harmful to American job-creators.

In a statement, the said, "The current 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It further added that "our outdated code also makes our businesses uncompetitive as other nations provide lower rates, and incentivizes American businesses to move their headquarters or offshore jobs".

President Donald J. Trump is working to reform our 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

On August 30, President Donald Trump touted 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 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 reform.

The statement gave an idea what Trump administration is eying through 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 code for families, small business, and American job creators competing at home and around the globe. Our shared commitment to fixing America's broken code represents a once-in-a-generation opportunity...."

It further added that "the goal is a plan that reduces 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 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. 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 reform.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, September 17 2017. 02:22 IST
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