America needs major tax reform if we are to grow an opportunity economy, create good paying jobs, and allow businesses to better compete in the global economy.
American businesses are saddled with the highest corporate tax rate in the industrialized world. Our extremely non-competitive tax code results in fewer jobs, fewer investments, and puts American workers and companies at a disadvantage to foreign competitors.
We must make our tax code simpler, fairer, and more focused on stimulating job growth and an opportunity economy.
Right now, most changes to the tax code are focused on the well-connected, with special loopholes, exclusions, and deductions which don’t benefit ordinary Americans. These special benefits cost the federal government over $1 trillion each year in lost revenue.
Our current system isn’t fair, and it certainly isn’t simple.
Congress is in the habit of regularly applying Band-Aids to the tax code, making long-term planning difficult for both businesses and hardworking American families. This year, I’ve worked with House Republicans to pass legislation to make taxes more predictable, applying permanent solutions which support economic growth and help families.
- The American Research and Competitiveness Act (H.R. 880) promotes innovation and job growth by making permanent the research and development tax credit.
- The Fighting Hunger Incentive Act (H.R. 644) makes permanent certain tax provisions which encourage charitable giving.
- America’s Small Business Tax Relief Act (H.R. 636) creates tax stability for small businesses, which create the majority of new jobs, by making permanent certain small business tax deductions in Section 179.
- The Trade Facilitation and Trade Enforcement Act (H.R. 644) provides incentives for businesses to contribute excess inventory to local food banks by permanently extending a food inventory donation provision in the tax code.
- The State and Local Sales Tax Deduction Fairness Act (H.R. 622) levels the playing field for taxpayers in different states and provides certainty for financial planning.
- The Death Tax Repeal Act (H.R. 1105) repeals the unfair estate tax which hurts family farms and businesses, slows the economy, and costs jobs. You’ve already paid your taxes once . . . why should the IRS come after you in the grave?
America needs comprehensive tax reform. Unfortunately, President Obama’s vision of tax reform involves higher taxes and more government spending.
As your Congressman, I will fight President Obama’s efforts to raise taxes while pursuing every common sense opportunity to create a simpler, fairer tax code which allows businesses to be more competitive, encourages an opportunity economy, and creates more jobs for hardworking Americans.
More on Tax Reform
Congressman Pittenger appeared on Squawk on the Street this morning to discuss the current situation with Burger King and the need for comprehensive tax code reform.
This morning, Congressman Pittenger joined SiriusXM host Tim Farley for a discussion on President Obama’s visit to Charlotte, the problem of tax inversions, and whether or not President Obama should attack ISIS in Syria.