Adrian Smith: “I thank Chairman Brady for the time and for his leadership as we continue our efforts to pass this historic legislation.…”

“I thank Chairman Brady for the time and for his leadership as we continue our efforts to pass this historic legislation. Mr. Speaker, after nearly 7 years of work in the Ways and Means Committee and more than 31 years since our last true tax reform, many hearings along the way, it is time to pass historic comprehensive tax reform. Our current Tax Code is antiquated, as we know. It is complex, and it ignores many of the improvements and competitiveness, which have been adopted by every other major economy worldwide. The time for tax reform is now. Others have already outlined many of the highlights of this bill, but I think they warrant mentioning again. Simplified compliance and rates for individuals and families means more than 95 percent of Americans will be able to file their returns on a postcard. Lower rates for small businesses recognize the important role they play as job creators in our economy. A 20 percent top corporate tax rate and transitioning to a territorial system will ensure our businesses remain competitive with the rest of the world. In addition to lower rates, expanded expensing will further encourage entrepreneurs to invest in capital to grow their businesses, and full repeal of the death tax, including the continuation of step-up in basis, will ensure our Nation's farmers, ranchers, and small manufacturers can continue creating opportunity for generations to come without the threat of double taxation.…”