Keep Taxes Low & Rein in Government Spending
As we approach the tax filing deadline on April 17, we see how much the government and taxation have grown in America. There is no question we need to lower taxes for all hardworking Americans, from our job creators to our friends and neighbors who have fallen on hard times. Excessive regulation and taxes are a deterrent to business expansion and income.
The president’s solution to economic recovery is the opposite. In his budget he is proposing $1.5 trillion in new taxes. His plan would raise tax rates across the board on small business owners and entrepreneurs. Job growth will be stifled if the government is acting as a roadblock to the job creators.
One example of the crushing new tax burden that the Obama Administration is trying to implement is the president’s health care law. The nonpartisan Congressional Budget Office has warned that the IRS will need up to $10 billion to implement the law over the next decade. Recent reports indicate that the administration is shifting one-half billion dollars to the IRS already to implement the health care law. This expansion of the IRS’ power and reach into hardworking taxpayers’ daily lives has hit a new high and will now include a verification system that you have acceptable health care coverage, penalizing you if you don’t and increasing audits.
We need to put a stop to the government’s reach through the broken tax system. In “The Path to Prosperity”, House Republicans spur economic growth with bold tax reform – eliminating complexity for individuals and families and boosting competitiveness for American job creators. For example, it simplifies the tax code by consolidating the current six individual income tax brackets into just two brackets of 10 percent and 25 percent. Additionally, the budget reduces the corporate tax rate of 35 percent, which will soon be the highest rate in the developed world, to a much more competitive 25 percent. This budget also rejects raising taxes on hard-working Americans.
When I first came to Congress, I voted for legislation that will extend tax cuts for all Americans. Hardworking taxpayers should not face a tax increase in a weak economic climate. However, I believe we should go a step further and make these tax cuts permanent.
There is no shortage of good ideas for tax reform. For instance, we could use Tennessee as a model for tax reform, which is why I am a cosponsor of H.R. 25, the FairTax. The FairTax isn't just about taxes; it is about freedom, jobs, smaller government and the economy. It is about returning power to the people and finally finding a way to ensure America's economic growth. It is about reining in the IRS and stripping the federal government of the opportunity to dig deeper and deeper in the American people's personal pocketbooks.
We need to put a stop to the outrageous government spending that has turned into outrageous government taxing. Washington doesn’t have a taxing problem, it has a spending problem, and raising taxes without fixing the real problem will only continue to burden families and job creators. Congress needs to fix the broken tax system and allow our workers and families to keep more of what they earn and save - while giving entrepreneurs and small businesses incentives to grow. These are the best ways to stimulate the economy.