McBride: Congress must simplify tax code
President-elect Trump and the incoming Republican Congress already have a big agenda set for them this year, as the 2017 Trump taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
is on track to expire. A full extension of the law would come with a multi-trillion-dollar price tag, worsening our already unsustainable fiscal crisis. Letting the law expire would result in a tax hike for 62 percent of taxpayers beginning January 1, 2026. You can already see the debate between lawmakers. Members discuss their priorities regarding Section 199A. SALT, GILTI and CTC. . . You’re not alone if you find our tax code to be overly complex. And if you find our tax code to be overly complex, you’re not alone.
According to a new poll from the Tax Foundation and Public Policy Polling, more than half of taxpayers lack basic tax literacy, regardless of educational attainment, income level, or political affiliation.
This is a preview of our full op-ed originally published in The Detroit News.
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