Families across the District are hurting and need help. While the free market is a better economic engine than the government, the government must still play an important role in our economic recovery. The government can help by creating a favorable climate for job creation by reducing taxes and streamlining regulations and bureaucratic red tape. The government must also take more steps to protect North Carolina jobs by cracking down on the flood of illegal Chinese imports by increasing Customs enforcement at our ports and borders. We are fortunate to have right here in the District two economic drivers with enormous potential-- both the military and the bio-tech industry can be forceful agents for job creation and we must fully utilize both.
Washington should not interfere in the private sector and compete with companies and citizens who already support government through taxation. Government's role should be doing things for citizens that citizens cannot do for themselves.
We must keep jobs in America but having the second-highest corporate tax rate in the developed world hurts our competitiveness. Lowering the rate would boost growth and help make U.S. companies more competitive. While a lower corporate tax rate does not make the system simpler, it would indirectly help by reducing the incentive for companies to engage in complex and inefficient tax-minimization strategies.
In today's global economy, it is increasingly easy for jobs and capital to escape high-tax nations and migrate to low-tax nations. This means that the reward for good tax policy is greater than ever before, but it also means that the penalties for bad policy are greater than ever before.
Congress can do much more to help. We can slow the growth of government spending that is adding to the deficit. We can reform runaway entitlement programs that are growing far beyond our ability to pay for them. And we can work to further alleviate the excessive taxation, mind-numbing regulation and senseless litigation that is closing down small businesses and costing American workers their jobs.