"Dear Friend,
As I
travel across Virginia's Fifth District, I often hear from my constituents
about how unnecessary bureaucratic red tape is hindering job growth and making
life more difficult for working Virginians. Our nation’s outdated and
complicated tax code is a perfect example of the federal government standing in
the way of strengthening our economy for our nation’s families and small
businesses.
A report released last week
found that the economy of China has now surpassed the economy of the United
States and now stands as the world's largest economy. This is the first time
since President Ulysses Grant was in office that the United States has not led
the world in the size of its economy.
Our anti-competitive tax policy is one
major factor holding us back from more growth and output.
The
complex and unfair U.S. tax code creates tremendous economic uncertainty for
our farmers, our small businesses, and our working families. Laden with special
interest loopholes and characterized by high rates, our broken tax code limits
investment, hinders economic growth, and grows the federal government.
The
current tax code is especially harmful to small businesses - the backbone of
our economy. These businesses are essential to providing the jobs and growth
the Fifth District needs. In recent years, small businesses have generated
almost two-thirds of new jobs. Small businesses now account for nearly half of
all private sector employment, but Washington’s complex and outdated tax code
continues to stifle small businesses’ ability to grow and create much-needed
jobs. We must do better.
Since
I have been elected, the House of Representatives has voted in favor of
reforming elements of our tax code several times, but Washington has yet to
embrace a comprehensive overhaul. Last week, the House voted to temporarily
extend for one year a number of expiring tax relief provisions that encourage
small businesses to grow. By voting for temporary tax extensions, instead of
permanent tax reform, we are only delaying solutions that the American people
deserve.
Last
week, President Obama said he
believed overhauling the tax code in the next Congress was possible. It is my
hope that he is sincere about working with Congress and that we will be able to
work together to overhaul our broken tax code and implement a simpler, fairer,
and flatter tax code that will ensure that individuals and businesses have the
certainty they need and that all Americans are keeping more of their
hard-earned tax dollars. I look forward to continuing to work with my
colleagues to encourage success for our farmers, our small businesses, and
working Virginia families so that they can realize the American dream for
themselves and future generations.
No comments:
Post a Comment