The new tax code will apply all of the follow principles:
(1) applies a low rate to all Americans (essentially a giant tax cut to all Americans, poor or wealthy)
(2) provides tax relief for working Americans (decrease in taxes)
(3) protects the rights of taxpayers and reduces tax collection abuses
(4) eliminates the bias against savings and investment
(5) promotes economic growth and job creation (lower taxes= more money)
(6) does not penalize marriage or families
Requires that the new federal tax system be approved by Congress in its final form by July 4, 2015. |