We need comprehensive tax reform that rewards work, encourages investment, and ensures a level playing field for U.S. companies competing in foreign markets.

In 2025, Congress must vote to extend or change most of America’s federal tax rates for ordinary income, capital gains, corporate income, partnerships, and estates. This is an unprecedented opportunity to reform the entire system to raise revenue, increase fairness, promote greater efficiency, and encourage companies to do more business here.

Two priorities stand apart. First, Washington must deliver more tax relief to America’s middle class. Under the TCJA, the top one percent of families collected 27 percent of the benefits, about as much as the middle 60 percent of families combined (28 percent).

Second, Washington must build on recent reforms at the IRS to close America’s “tax gap” – the difference between what Americans owe and what they pay. This year’s tax gap is more than $688 billion, and it will keep growing if we fail to modernize the IRS.