Our plan will dramatically reduce income taxes for American workers and families. It will nearly double the standard deduction to help families get ahead. It will make our complex tax code more simple and fair. It will put money back into the pockets of the people who earned it. And it will bring back American jobs by making our businesses competitive once again.

In 1986, President Ronald Reagan led the effort to make America the most competitive nation in the world by cutting our business tax rate to 34%, well below the average rate of other developed nations at the time. It worked. Our economy boomed, the middle class thrived and median family income increased.

But our economic competitors did not sit still. They saw what we did and started lowering their business tax rates, too. Over the past 30 years, the average business tax rate among developed nations in the Organisation for Economic Co-operation and Development (OECD) fell from 45% to less than 24%.