Along with reducing red tape on business and restoring sound money, it can make the U.S. economy boom again.
American workers are the most creative and dynamic people in the world, if they aren’t shackled by Washington. As President Reagan showed—and before him, President Kennedy in the 1960s (average annual growth of 5.3%) and Presidents Harding and Coolidge in the 1920s (4.7% growth)—tax reform is a powerful lever for spurring economic expansion. Along with reducing red tape on business and restoring sound money, it can make the U.S. economy boom again.
That’s why I’m proposing the Simple Flat Tax as the cornerstone of my economic agenda.
In constructing my plan, I had several requirements. The plan should: spur robust economic growth and job creation, while raising after-tax income for all Americans; be dramatically simpler, to allow working people to file their taxes with a postcard or phone app; and shrink Washington by getting rid of the rat’s nest of complex tax requirements, credits and loopholes.
With these goals in mind, based on a structure suggested by President Reagan’s tax adviser, Arthur Laffer, my Simple Flat Tax plan features the following:
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