Having spent the majority of my life in the private sector, I fully understand the tax burden born by American workers, families and small businesses. In order to address our current fiscal crisis, we must get serious about tax reform and abandon the idea that simply raising taxes on Americans will solve our economic problems. Families and small businesses in North Carolina’s 11th district are already forced to live under the strains of a stagnant economy. Asking our communities to foot the bill for our federal government’s inefficient and unrestrained spending is simply wrong.
Instead of supplementing higher spending with higher taxes, Congress needs to get serious about cutting spending and making our tax code competitive and simple. Our current tax code is almost four million words long and contains thousands of deductions, credits and exemptions that result in an incredibly inefficient and costly system. I support a simplified tax code that not only eliminates loopholes but also reduces overall rates. America has one of the highest corporate tax rates in the world, creating a major disincentive for both domestic and foreign companies to invest here at home. Across-the-board tax code simplification and rate reductions will create greater certainty and the kind of economic boost that our nation desperately needs.
Now more than ever, North Carolina families should be allowed to keep more of their money. Our current tax policy is broken and raising taxes only contributes to the problem. While I continue to support legislation to stop tax hikes and close loopholes, large scale reform of our nation’s tax code must be our ultimate goal.
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