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
In his State of the Union address, President Obama delivered a positive message about our nation that we can all agree on,but fell short in providing the specifics on how we will maintain our greatness. With the economy still feeling the weight of a recession, the cause for the collapse of the financial system still has not been adequately addressed.