The following Post is from the President of the Free Congress Foundation, and former Virginia Governor, James Gilmore.
"Today is Tax Day. It probably doesn't rank very high on your list of favorite days of the year, but that's where you and President Obama differ.
President Obama wants to make our 74,000 page tax code even more complex by carving out new loopholes for entrenched special interests.
You deserve better. And here at the Free Congress Foundation, we are offering real solutions that grow our economy, and it starts with reforming our 74,000 page tax code.
Simply put, the Growth Code will lower your taxes and create new jobs for our, more than, 10 million unemployed friends and family.
Made up of five steps, we have developed common-sense fixes that would restore America to a sustainable economic growth trajectory. This Growth Code includes:
· A simple unified 15% rate on all business income, regardless of the type of entity;
· Tax rates of 10%, 15% and 25% on individual income as currently defined
· 100% and immediate expensing of capital equipment;
· Elimination of the abhorrent practice of double taxation;
· Any household living in poverty will receive a family tax credit of $4,300.
Independent economic modeling studies by former Treasury Department officials have projected that enactment of The Growth Code will lead to a dramatic drop in the unemployment, an increase in GDP, and federal tax receipts; and a huge boost in capital investment.
Join me in supporting The Growth Code lower tax rates, make the tax code easier to understand, and ensure that we have a competitive system that rewards entrepreneurship.
Remember, there is a choice of two futures being offered. On one hand: debt, doubt, decline, and more taxes. On the other: prosperity, certainty, growth, and more economic freedom.
It’s not fair that our children and grandchildren will be buried under a crushing burden of debt because Washington politicians decided the next election is more important than the next generation."