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Thornberry responds to Trump tax reform proposal
U.S. Congressman Mac Thornberry (R-Clarendon) today responded to President Trump’s proposal to reform the U.S. tax code.
“The tax reform outline that was released today by the White House is another encouraging step toward fixing our broken tax code. The proposal would simplify both individual and business taxes with the goal of encouraging economic growth,” said Thornberry.
Among other provisions, the proposal would:
• Eliminate the Estate Tax, commonly referred to as the “Death Tax”;
• Reduce the number of tax brackets from seven to three;
• Repeal the 3.8 percent Obamacare tax on investment income; and
• Reduce the corporate tax rate to 15 percent.
“Small business owners, farmers, and ranchers are particularly vulnerable to the Death Tax, making it more difficult for future generations to build upon their family’s hard work,” Thornberry said. “Death should never be a taxable event. All Americans should be able to work hard, build, and save knowing that they can pass on what they have earned to their children and grandchildren.”
Thornberry has introduced or cosponsored a bill to repeal the death tax consistently while serving in Congress.