America's high tax structure is choking economic growth. We need to follow the proven examples set forth in the Kennedy, Reagan, and Bush administrations -- making our tax rate structure flatter and lower will generate economic growth.
The first thing Congress needs to do is to make permanent the income tax rates that were in place when President Obama took office -- allowing taxes to rise back to their 2000 levels will deepen our recession by penalizing growth. Secondly, the 2010 elimination of the Death Tax should be made permanent. We can't allow the death tax to re-emerge in 2011 as it is fundamentally unfair and it eats away at the equity so many small business owners have created with sweat and hard work.
Thirdly, we need to decrease tax rates on capital gains taxes and on corporate income. Lowering capital gains taxes will free up private investment that can jumpstart our economy. Lowering corporate income tax rates will make us more competitive in the international marketplace. Nations in every hemisphere have gained competitive advantage on us by lowering tax rates on those who generate growth and we have no choice but to reciprocate if we want to keep America the strongest economy in the world.
Fourthly, it's time for Congress to get serious about fundamental tax reform. We need make our tax code simpler, flatter, and fairer to average Americans. Ordinary Americans now are forced to spend too much time simply trying to file their taxes -- it's a drain on productivity and a disincentive to small business growth. Congress should be make maximizing economic growth -- not maximizing government spending -- the driving feature of our tax policy.