Chairman Brady’s proposed changes include:
• Making the tax code simpler, fairer, and flatter
• Replacing the current world-wide tax system with a permanent, modern territorial-type system
• Closing loopholes, eliminating special rules and limiting deductions, exclusions and credits
• Providing businesses both large and small with a competitive tax system, including a fair and competitive tax rate
• Encouraging businesses to locate their operations in the United States rather than incentivizing (effectively) the shift of jobs overseas