Introduced in the House of Representatives on January 13, 2016, the American Business Competitiveness Act (H.R. 4377), known as the ABC Act, is my bill to overhaul and simplify the way businesses are taxed in America. The ABC Act would adopt a few simple yet far-reaching reforms that would encourage businesses to invest and expand, make it much easier for Americans to open their own business, and kickstart growth throughout the entire U.S. economy. The plan has four main components:
Allow all businesses, regardless of their size or how they’re organized, to write off all their business expenses in the current calendar year.
Lower tax rates on business income to 25 percent or less.
Eliminate all loopholes and special deals.
Establish a territorial system that removes the penalties which U.S. businesses incur when they take income they’ve earned in foreign countries and invest it back in the United States.
For more information on the plan, see the links below.