My Priorities for Tax Reform

Statement

Hi Friend-

There is one issue that members of both parties can agree on: our tax code is a mess. It costs more and more each year just to do your taxes, let alone pay them. The tax code is too complicated and confusing; this needs to change.

The next item on the legislative agenda for the House is tax reform. During this process, I believe we need to reduce the overwhelming tax burden levied on the backs of American workers, their families, and small businesses. Our future lies not in the size of government, but in the people who drive this country's prosperity: the entrepreneurs, the innovators, and those who work hard to achieve their American Dream.

Eventually a bill or bills will come to the House floor for a vote. But before we get to that point, I will be evaluating any legislation to determine if it will be good for Virginians. Ideally, any effort would include my five principles for pro-growth tax reform to determine if it will win my support. I've listed them below.

1. Simplifying the code and tax filing practices are key
2. Reducing the number of tax brackets from 7 to 3
3. Making the U.S. attractive to businesses again by implementing a lower tax rate for all businesses from sole proprietorships to corporations
4. Keeping provisions such as the mortgage interest deduction and charitable donation deduction so that Americans are encouraged to buy homes and give back to those in need
5. Including a onetime repatriation tax for businesses so they bring more of their profits back to the U.S. That money can then be reinvested in our economy or used to fund an infrastructure plan that will rebuild our bridges, roads, railways, and waterways

I have concerns with implementing a Border Adjustment Tax (BAT) as it would impose a high tax on goods imported into the U.S. -- everything from supplies and clothing, to crude oil and auto parts. A BAT could increase costs for both businesses and consumers, putting American jobs and wallets at risk.

I look forward to the upcoming debate and to passing meaningful tax reform that makes the nation's tax code simpler and fairer, while also promoting jobs and growth. I will keep you updated as we move through this legislative process.

It's an honor to serve you and Virginia's First District in the People's House.

Sincerely,
Rob

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