The issue of taxes affects all of us and ensuring that taxes remain low is an important part of my work in Congress.
I strongly support a pro-growth comprehensive tax reform package that will help create American jobs, grow the economy and ensure individuals and small business owners are treated fairly.
Our current tax code is too long, too complex and is a drag on the economy. The current tax code is over four million words, longer than the bible and growing every day. The last time comprehensive tax reform passed Congress was in 1986 under President Ronald Reagan.
As a result, American families and small businesses spend countless hours each year filing their taxes. I have long supported an approach that not only makes the tax code and the tax filing process simpler, but also keeps more money where it belongs: in your pocket.
We must simplify the tax code and lower the overall tax rate for both individuals and small businesses. We must also streamline other areas, including the collection, enforcement and filing process.
We must also ensure the tax code allows American businesses to compete on a level playing field, so they can continue innovate and grow.
In April 2014, the House passed a budget that supports simplifying the tax code and substantially lowering tax rates for individuals. Specifically, the House budget supports reducing the number of individual tax brackets from six to two.
The House budget also supports lowering the tax rate for businesses to 25 percent. The United States currently has one of the highest tax rates for businesses in the world. By eliminating loopholes and lowering the effective tax rate will encourage job creators to reinvest more money in the economy, putting America back to work and broadening the tax base.
As a small business owner for over 20 years, I understand the importance of supporting our nation’s entrepreneurs and reducing the federal burdens placed on them. By supporting small businesses, we open new markets for American products, decrease prices for consumers, and create better American jobs.
All too often, I hear from small business owners about the federal government’s over-burdensome taxes and the fear they have about the devastating impact irresponsible political rhetoric will have on the way their business operates.
The bottom line is that we must reduce the income tax rates for all Americans. Because so many small business owners pay taxes as individuals, lower individual tax rates will provide tremendous relief to local job creators and help spark economic activity in the District and across the country.