Issue Position: Tax Reform

Issue Position

Pete Sessions Plan for Tax Reform

Our nation's tax code is a complicated mess that is nearly impossible to navigate. That is why I believe that North Texans deserve a flatter, fairer tax code that jumpstarts our economy and leads to job growth. Our federal government should be dedicated to letting the American people keep their hard earned dollars instead of spending them in Washington.

Comprehensive Tax Reform

Congress should pass comprehensive tax reform that lowers rates on individuals and businesses and reconsiders the effectiveness of every deduction and exemption in the tax code. Streamlining our tax code, reducing rates for individuals and businesses, and making it easier to invest money in American businesses are imperative to achieving economic growth.

Lower Corporate Tax

At 35 percent, the United States has the highest statutory corporate tax rate in the world. High corporate tax rates mean that companies have less money to invest into their businesses and employees and thus less money to invest into our economy. I believe that Congress should significantly lower the corporate tax rate in order to increase investment, create more jobs, and reassert America's competitiveness across the globe.

Territorial Taxation System

Our tax code discourages American businesses from bringing overseas profits back home. Instead of penalizing Americans businesses who want to reinvest their profit in our economy, the tax code should encourage businesses to bring profits into the country and invest them in American jobs.

Repeal Death Tax and Gift Tax

The government has no business taking money from families when a loved one passes away. That is why the federal estate tax should be permanently repealed. Likewise, taxpayers should have the right to gift to another person whatever they want without suffering from double-taxation, which is why I support a permanent repeal of the gift tax.

IRS Reform

From targeting conservatives for political gain to its role in enforcing ObamaCare, the IRS has gotten drastically out of control, cannot be trusted, and needs to be reformed. I'm a cosponsor of the "Keep the IRS Off Your Health Care Act of 2013," which would keep the IRS from implementing or enforcing ObamaCare.

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