Today Representative Devin Nunes (R-CA) introduced the American Business Competitiveness Act (H.R. 4377), which would, among other things, allow all businesses to write off all their business expenses in the current calendar year and lower tax rates on business income to 25% or less.  The taxation of non-business income remains unchanged, except that interest income of individuals is taxed in the same manner as dividend income, reduced by interest expense.