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
- Broaden the tax base by eliminating deductions, loopholes and tax favors for special interests and the politically connected.
- Eliminate the Alternative Minimum Tax
- Abolish the Death Tax.
- Expand tax-free savings accounts like 401(k) plans, IRAs, 529 college savings plans, and health savings accounts (HSAs).
- 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.
- Abandon the 21 new tax hikes, totaling more than $675 billions, which are in effect or scheduled to take effect as part of Obamacare.
- 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.
- Make the United States the most desirable location for new business investment through a bold series of business tax cuts, including the following:
- 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.
- 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.
- Eliminate taxes on capital gains, dividends and interest for all taxpayers to reward personal savings, encourage capital formation and make entrepreneurs more competitive.
- Allow companies to expense new equipment in the tax year purchased to spur innovation and growth in American manufacturing.