Our tax code is too long and too complex. Reforming the tax code will spur economic growth and create jobs.
The United States tax code is 74,000 pages long. The code is too long, too complex, too confusing, and too burdensome for familes and small businesses. Because they employ private accountants and teams of lawyers, wealthy individuals and large corporations are able to exploit the tax code so that they can pay lower, and in some cases zero, taxes. I believe that we must reform the tax code to make it fairer, flatter, and easier to understand and comply with. I support comprehensive tax reform that would simplify the code, eliminate special interest loopholes and deductions, broaden the tax base, and lower rates. That type of tax code reform would make American companies more competitive, boost economic growth and create jobs.
Tax reform is necessary to spur innovation, create certainty, and encourage growth. Closing the tax loopholes that routinely allow wealthy individuals and large corporations to take advantage of opportunities to not pay taxes will increase revenue without increasing marginal tax rates. Increasing tax rates without closing these loopholes makes little sense. But increasing revenue alone is not the answer. We need to get serious about prudent and deliberate spending cuts. Taken together, this approach will help nurse our country back to fiscal health.
While the President has repeatedly called for tax rate increases, he has failed to embrace the reality that the tax code itself is what allows the wealthy and large corporations to pay rates lower than their marginal tax brackets. By fundamentally reforming the tax code, we will be able to ensure that the tax code is not taken advantage of by those who can afford to exploit the various deductions and loopholes.
For more information concerning my work and views on tax reform and financial issues, please contact my Washington, DC office.