Dreier, Colleagues Introduce Fair and Simple Tax Act

Press Release

Dreier, Colleagues Introduce Fair and Simple Tax Act

Congressman David Dreier (R-San Dimas, CA), Rules Committee Ranking Republican, was joined by several of his colleagues today in introducing a bill that will simplify the tax code and the burden of paying taxes on American families, workers and job creators. The Fair and Simple Tax Act (FAST Act), H.R. 5105 also received the endorsement of Americans for Tax Reform President Grover Norquist. The original co-sponsors of H.R. 5105 are Republican Whip Roy Blunt (R-MO), Republican Chief Deputy Whip Eric Cantor (R-VA), Congressmen Charlie Dent (R-PA), Vito Fossella (R-NY), Wally Herger (R-CA), Peter King (R-NY), George Radanovich (R-CA), Ed Royce (R-CA), Pete Sessions (R-TX), and Congresswomen Mary Bono Mack (R-CA) and Candice Miller (R-MI). Companion legislation is being introduced in the Senate by Senator Kit Bond (R-MO).

"There are a lot of discussions right now about how best to stimulate the economy and I believe this plan needs to be a part of those discussions," Dreier said. "What better way to help struggling families than with a simpler, lower tax structure? What better way to give nervous investors some confidence than by reducing the capital gains rate and indexing the capital gains tax for inflation? What better way to help create good-paying jobs than to reduce the corporate tax rate? What better way to help American families secure their futures than to incentivize savings, investment, and healthcare coverage? These are simple ideas that could have a maximum impact. The Fair and Simple Tax Act would accomplish them all."

The FAST Act incorporates a new, optional single page Fair and Simple Tax Form with a new set of brackets - 10% on the first $40,000 in income, 15% on $40,000 to $150,000 in income, and 30% on anything above $150,000 in income. It would also eliminate the death tax, fix the Alternative Minimum Tax by adjusting it for inflation, reduce the capital gains rate from 15% to 10%, reduce the corporate income tax rate from 35% to 25%, and incentivize investment, personal savings, retirement plans, and health care coverage.

Dreier said the FAST Act is a comprehensive plan based on one simple principle: give Americans greater control over their own money and they will succeed and prosper, and grow our economy in the process. "This bill takes the long-term view that we need to bring some common sense to our income tax structure. That would be the best shot in the arm our economy could possibly receive."

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