Issues

Category

Tax Relief


I believe that individuals are far more qualified than a Washington bureaucrat to determine how their money is spent. Many Washington politicians want unelected, unaccountable bureaucrats to spend more and more of your hard-earned money. But Kentuckians should not be forced to foot the bill for their out-of-control spending.

One of the most effective ways to jumpstart our economy is by reforming the tax code.

ANDY BARR’S PLAN FOR TAX REFORM

  1. Broaden the tax base by eliminating deductions, loopholes and tax favors for special interests and the politically connected.
  2. Eliminate the Alternative Minimum Tax
  3. Abolish the Death Tax.
  4. Expand tax-free savings accounts like 401(k) plans, IRAs, 529 college savings plans, and health savings accounts (HSAs).
  5. Reduce the number of tax brackets and lower marginal rates on those that remain to allow individuals, families, and small businesses to keep more of what they earn.
  6. Abandon the 21 new tax hikes, totaling more than $675 billions, which are in effect or scheduled to take effect as part of Obamacare.
  7. Replace or supplement the current tax exclusion for employer-sponsored health insurance with a system of family and individual tax credits to make health insurance more affordable and portable.
  8. Make the United States the most desirable location for new business investment through a bold series of business tax cuts, including the following:
    1. Reduce the corporate income tax rate to a level competitive   with other nations. Currently, the United States has the highest corporate tax rate in the world among developed nations.
    2. Eliminate the corporate tax on repatriated profits for American companies since those profits are used to make new capital investments, increase dividend payments to shareholders and hire new workers.
    3. Eliminate taxes on capital gains, dividends and interest for all taxpayers to reward personal savings, encourage capital formation and make entrepreneurs more competitive.
    4. Allow companies to expense new equipment in the tax year purchased to spur innovation and growth in American manufacturing.