Today, Congressman Adam Kinzinger (R-IL) released the following statement regarding the passage of H.R. 6169, the Pathway to Job Creation through a Simpler, Fairer Tax Code Act:
"Today, the House voted to overhaul our broken tax code and replace it with one that is simpler and fairer for all Americans. For families and business owners, this means less time and resources spent trying to navigate an overly complicated system and more money that can be used to reinvest and grow the economy. Economists predict these pro-growth reforms will create over 1 million jobs in the first year alone, by:
consolidating six individual income brackets into two with a top rate of 25 percent,
lowering the corporate tax rate to no more than 25 percent,
repealing the Alternative Minimum Tax,
broadening the tax base while maintaining historical levels of revenue at 18-19 percent,
and changing from a "worldwide" to a "territorial" system of taxation.
"Instead of making a fairer tax system for everyone, the President has proposed raising taxes on over 900,000 businesses to fuel more wasteful Washington spending. With anemic economic growth and unemployment above 8% for 41 straight months, raising taxes on anyone is a bad idea. The House is determined to promote pro-growth policies to spur growth and create jobs - it's time the President dropped the campaign rhetoric and started working with us."