Taxes affect 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.
In order to continue to innovate and grow, American businesses need to compete on a level playing field. The United States currently has one of the highest tax rates for businesses in the world. Eliminating loopholes and lowering the effective tax rate will encourage job creators to reinvest more money in the economy, promoting a healthy economy for all Americans 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 tax code 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 our District and across the country.
More on Taxes
I share the same outrage that many of you do about the IRS’s “Be On the Look Out” lists – or BOLOs, as they have recently been called by agency officials. These lists singled out conservative groups that were seeking tax-exempt status.
What’s even more unsettling is that while the IRS was putting Americans under unprecedented scrutiny, Lois Lerner – one of the IRS officials who oversaw the agency’s tax-exemption operations – received $42,000 in bonus money. Another $70 million in bonuses are expected to be doled out to IRS officials this year as well.
WASHINGTON, D.C. – Congresswoman Kay Granger (TX-12) today issued the following statement after joining Rep. Kevin Brady (TX-8) as a co-sponsor on the Death Tax Repeal Act of 2013:
By now, I’m sure many of you have heard about the IRS’s targeting of conservative groups – flagging their applications for tax-exempt status and subjecting these groups to excessive and overly burdensome scrutiny. This is an unacceptable and frankly a frightening practice that puts free speech in jeopardy.
The IRS’s intrusive inquiries hit far too close to home, as the North East Tarrant Tea Party was subjected to the IRS’s intrusive questioning. According to the organization’s website, the IRS demanded they submit:
We’ve all collected the necessary paperwork from our employers, our banks and others, filled out the complicated tax documents – or more likely, purchased software or hired a professional to fill them out for us – and sent it all in for the IRS to examine.
Filing taxes has become a complex and time-consuming process that takes up more than 6.1 billion hours and over $168 billion in order to complete it every year. It serves as a good reminder of how complicated our tax code really is and why it’s so important that we pass comprehensive tax reform.
Last week, the National Taxpayer Advocate – an IRS office charged with sticking up for the interests of taxpayers – released its 2012 Annual report to Congress. It told us what you and I, and everyone who pays taxes already knows: our tax code doesn’t make any sense.
Here are some disturbing facts from the report:
I wrote you a couple weeks ago about the status of fiscal cliff negotiations, and I wanted to give you update.
We have just days to reach a compromise if it is to be voted on before Christmas, and less than three weeks before we go over the cliff. The President and the Speaker of the House have been meeting more often, but big questions and big disagreements remain. Time is running short, but I am hopeful that a deal can be reached.
We are 31 days away from the fiscal cliff. Unless Congress acts before January 1, 2013, we will see an expiration of the Bush tax cuts along with major decreases in defense spending and other critical programs. Approximately 90% of Americans would see their taxes increase next year, and over two million jobs could be lost if these spending cuts and tax hikes take effect.
Texas has over 387,000 small businesses. These small businesses employ 4 million Texans. In fact, between 2005 and 2008 small businesses created 600,000 new jobs in Texas, but between 2008 and 2009 over 110,000 jobs were lost when the country entered into a recession.
I know we say it all the time but the best way to help our economy recover and get people back to work is through our small businesses. Their success or failure can make or break our economy.
By now, most of us have received our W-2 forms in the mail. It is an annual reminder of how complicated our tax code is. It is also a reminder of all the tax cuts that Congress has to extend this year.
Since January 2011, the House has focused on chipping away at the new health care law, reducing regulations on business, and passing legislation that creates an environment that is better for job creators. Just this past week, extended the freeze on federal employee and Congressional pay for the third year in a row – saving an estimated $26 billion.