By Eric Stock
WASHINGTON – U.S. Rep. Darin LaHood, R-Peoria, said House Speaker Paul Ryan’s tax plan offers a three-point approach to reforming a bloated and sometimes punitive system.
PODCAST: Listen to Scott’s interview with LaHood on WJBC.
“When we look at companies trying to go overseas, this helps stop that and gives them more incentive to stay here,” LaHood said.
Ryan’s plan would cap the tax rate for small businesses at 25 percent and would consolidate tax brackets for individuals and lower the top individual income tax rate to 33 percent from about 40 percent.
“We restore American competitiveness,” LaHood said. “We incentivize companies that want to invest, particularly in research and development.”
LaHood tells WJBC’s Scott Laughlin Ryan’s plan would also simplify the tax code so that families could file their taxes on a postcard.
LaHood added the plan would limit the IRS’ abuse of power by allowing for an arbitrator to rule on tax disputes. He says that would make the IRS more user-friendly.
He said its unlikely the speaker’s plan will go anywhere this year, but he says the plan come hopefully see the light of day after a new president is elected.
Eric Stock can be reached at eric.stock@cumulus.com.
