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Wittman Supports Framework for Tax Reform

Provided by Congressman Rob Wittman’s Office

Congressman Rob Wittman (VA-1) released the following statement on the Republicans’ framework for unified tax reform:

“Right now we have a real opportunity to provide relief for American families and businesses. The current tax code leaves our businesses at a disadvantage and penalizes investment in our economy—this must change. This new framework released today shows the American people that we hear them loud and clear: we need a tax code that is simple, fair, and creates jobs. I believe this blueprint sets up Congress to deliver a tax plan that supports middle-class families, protects jobs, and gives the American economy the boost it needs. I look forward to working with my colleagues in the coming months to pass a plan that will unleash our true potential for American prosperity.”

The framework released by Republican Leadership calls for a 20% corporate tax rate, replaces the existing seven tax brackets with only three, doubles the standard deduction, and helps level the playing field for American companies and workers. These provisions are in line with the tax reform priorities Rep. Wittman established in June of 2017.

  1. Against implementing a Border Adjustment Tax (BAT)
  2. Does not require the plan be revenue/deficit neutral
  3. Supports simplification
  4. Supports lowering tax rate to 15% for all businesses (corporate, small, sole proprietors, LLC, etc.)
  5. Supports streamlining tax brackets from 7 to 3.
  6. Supports keeping only the mortgage interest deduction and charitable donation deduction
  7. Supports a onetime repatriation tax for businesses, south of 10%, to go towards an infrastructure plan.

 

Congressman Rob Wittman represents the 1st District of Virginia. He serves on the House Natural Resources Committee and the House Armed Services Committee, where he is the Chairman of the Seapower and Projection Forces Subcommittee.

 

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