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BONO MACK: AMERICANS DESERVE TAX REFORM
Washington,
Jan 23, 2008 -
In an effort to reform the U.S. tax code and make it less burdensome for working Americans, Congresswoman Mary Bono Mack (CA-45) today joined several of her colleagues in introducing the Fair and Simple Tax (FAST) Act of 2008, H.R. 5105. This legislation is aimed at simplifying the tax code, while preserving major deductions such as the child tax credit, and it would also make permanent such beneficial credits as the Research and Development tax credit.
“Our tax code is far too complicated,” said Bono Mack. “Each year, Americans spend entirely too much of their valuable time and money preparing their taxes – estimated at 6 billion hours and $265.1 billion per year. At a time when we are faced with significant economic challenges, it is clear that we must bring real tax reform to the American people. Families in California’s 45th District and throughout the nation deserve to have a fair and simple tax system that will enable them to have more money to meet their needs.
“Among its provisions, the FAST Act would permanently extend the Research and Development Tax Credit to stimulate domestic economic growth, reduce corporate taxes to help American companies compete in the global marketplace, and provide incentives to save for retirement, education and other expenses. I am pleased to support this legislation that offers such a strong step in the right direction for our economy and for hardworking Americans everywhere.”
Among its provisions, the FAST Act would:
- Simplify the tax code, cutting the current 6-bracket tax structure in half and employing three simple rates of 10, 15 and 30 percent;
- Incentivize investment, personal savings, retirement plans and health care coverage;
- Reduce the capital gains rate from 15% to 10%;
- Reduce corporate income tax rates from 35% to 25%, helping American corporations continue to compete in the global marketplace;
- Eliminate the death tax;
- Make permanent important tax relief measures set to expire in 2010; and
- Fix the Alternative Minimum Tax (AMT) by adjusting it for inflation.
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