“Restoring the right to rise in America requires accelerating growth, and that can’t be done without a complete overhaul of the U.S. tax code.”
Governor Jeb Bush
Wall Street Journal
September 8, 2015
Under President Obama, Americans have now endured six years of tax increases, endless regulation, vast new federal programs and $8 trillion in added debt. The president told us this “stimulus” would jump-start the economy. Instead, we got an anemic economy growing at barely 2% a year. Some call this “the new normal”—but it isn’t something we can accept if we are going to restore the opportunity for every American to rise and achieve earned success.
Restoring the right to rise in America requires accelerating growth, and that can’t be done without a complete overhaul of the U.S. tax code.
On Wednesday I am unveiling the plan that, as president, I will submit to Congress and sign into law as the Reform and Growth Act of 2017. My plan centers on accomplishing three major goals:
First, I want to lower taxes and make the tax code simple, fair and clear. It should be easy to understand and make it easy for people to fill out their own tax forms.
Second, I want to eliminate the convoluted, lobbyist-created loopholes in the code.
Third, I believe that the tax code should no longer be an impediment to the nation’s competitiveness with China, Europe and the rest of the world. Liberals will tell you that we need walls and tariffs to protect U.S. businesses from international competitors. The liberals are wrong; we need tax reform.
When we accomplish these big reforms, the result will be a much simpler, leaner and fairer tax code.
I know that enacting these policies works because I’ve done it before. As governor of Florida, I cut taxes every single year—returning a total of $19 billion to Floridians. The state’s economy took off, growing at an average rate of 4.4%. Households saw bigger paychecks as median incomes rose by an average of $1,300. Florida’s pro-growth climate created 1.3 million new jobs. And we did it all while balancing the budget eight years in a row and increasing the state’s rainy-day fund by $8 billion.
By focusing on tax reform like I did in Florida, America can grow faster, too. But tax relief and reform is only part of what we must do. We still have to reduce the regulations that choke so much of the U.S. economy, especially farms, factories and power plants. We have to fix the broken immigration system so that it helps drive a growing economy. We have to take full advantage of America’s energy revolution. Finally, we have to transform the education system so that all children are prepared to succeed in college and at work, and participate fully in the economy we’re trying to build. Taken together, these policies will unleash increased investment, higher wages and sustained 4% economic growth, while reducing the deficit.
To achieve these policies, we have to change the way Washington works. And we have to change who we send there to lead. That’s what my economic plan will achieve, and that’s why I’m running for president.