Congressman Dreier recently introduced legislation to create a Fair and Simple Tax Plan that would reduce the tax burden on working Americans and simplify the tax filing process at the same time.  Dreier said the tax system is in need of serious reform and his plan would deliver it.  “Americans pay too much in taxes and they spend too much time doing it.  This plan would lower the amount taxpayers have to pay and save them time in the process.  It would also help job creators and encourage savings and investment.  The Fair and Simple Tax Act could be just what our economy needs – helping Americans save more in the short term and reforming our tax system to encourage long term growth.” 

The FAST Act incorporates a new, optional single page Fair and Simple Tax Form with a new set of brackets - 10% on the first $40,000 in income, 15% on $40,000 to $150,000 in income, and 30% on anything above $150,000 in income. It would also eliminate the death tax, fix the Alternative Minimum Tax by adjusting it for inflation, reduce the capital gains rate from 15% to 10%, reduce the corporate income tax rate from 35% to 25%, and incentivize investment, personal savings, retirement plans, and health care coverage.