In a WSJ op-ed, Sens. Mike Lee and Marco Rubio unveil their “pro-family, pro-growth” tax reform proposal that would create two simple income-tax brackets, end the marriage penalty and increase the child tax credit.
The current tax code taxes too much, taxes unfairly, and conspires with our outmoded welfare system to trap poor families in poverty, rather than facilitate their climb into the middle class. Our reforms seek to simplify the structure and lower rates. How? By consolidating the many existing income tax brackets into two simple brackets—15% and 35%—and eliminating or reforming deductions, especially those that disproportionately benefit the privileged few at everyone else’s expense.
In addition, our plan would eliminate the well-known marriage penalty, which imposes higher taxes on married couples than if they had filed individually. It would also take aim at another pernicious distortion—the parent tax penalty—that is more prevalent, if less understood, even by its victims.