Hultgren calls GOP tax reform plan a win for Illinoisans
U.S. Rep. Randy Hultgren (R-IL) is hailing a Republican tax reform plan circulating in the U.S. House that he characterizes as a “fiscally responsible” method of favoring American job growth and providing relief to working families, according to a press release.
“Our current tax system does not reflect our workforce or our economy,” Rep. Hultgren said in the release. “It is costly and time consuming for individuals and families, and hurts the ability of Americans businesses to grow and create new jobs.”
The plan repeats a familiar Republican strategy that identifies lower taxes as an engine for job and economic growth. Specific points mentioned in the press release include trimming the number of tax brackets from seven to three, eliminating some itemized deductions in favor of a larger standard deduction, and increasing the amount that families can deduct per child.
The framework also specifies small business tax reform, including as much as a 15 percent reduction in the amount small and family-owned businesses pay, as well as capping the corporate tax at 20 percent to bring the tax burden in line with foreign competitors, the announcement stated.
Hultgren pledged future support for the framework’s provisions, stating in the release that they would help his constituents.
“And I will keep standing up for the taxpayers in my district who have been burdened by the taxes and rules imposed on them by state and federal governments for too long,” he said in the release.