I always enjoy meeting with families and small business owners throughout the 9th District because their common sense solutions to fixing our nation's economy are exactly what is needed in Washington, but, unfortunately is sorely lacking. They know that in order to grow our nation's economy we must empower our small businesses and entrepreneurs, simplify our nation's tax code and increase competitiveness for American manufacturers. Together, these measures will lead to a renewed entrepreneurial spirit and economic growth. However, they are very frustrated right now as these solutions are not being implemented.
Our economy continues to limp along as the government continues to expand its reach into the private sector. I hear it from every small business person that visits my office: we are regulating them out of business. In order to create jobs and grow our economy, it is vital that Washington support efforts that will empower families, small businesses and entrepreneurs. Overregulation is crushing our economy, and that is why I support efforts to require congressional review and approval of any government regulations that have a significant impact on the economy or burden small businesses. We also need to audit existing and pending regulations to identify and address those regulations that hinder economic growth and rein in overzealous regulatory agencies.
We must simplify our nation's complex tax code to help American families and our nation's job creators. We can increase American competitiveness, spur investment, and create more American jobs by streamlining the tax code and lowering the tax rate for businesses and individuals, including small business owners. I am a proud cosponsor of the Tax Code Termination Act, a bill that would repeal the U.S. tax code and create a commission charged with reporting to Congress plausible reform options. Specifically, the commission would review the current tax code with respect to its impact on the economy, families and the workforce; its compliance costs to taxpayers, small businesses and corporations; and identify the transition costs associated with any changes to the present federal tax code. The bill would terminate the current tax code on December 31, 2015. History has taught us that if we don't impose a deadline and terminate the tax code by a date certain, overhauling our inefficient system is nearly impossible.
The Tax Code Termination Act states that any new tax code should be a simple and fair system that applies a low rate to all Americans; provides tax relief for working Americans; protects the rights of taxpayers; reduces tax collection abuses; eliminates the bias against savings and investment; promotes economic growth and job creation; and does not penalize marriage or families.
We can also grow our economy and American jobs by increasing competitiveness for our manufacturers by enforcing our trade dumping laws and by passing the three pending free trade agreements with Colombia, Panama and South Korea. By opening new markets for American-made products we could create up to 250,000 jobs.
Without the American people, Washington cannot grow our economy or create jobs. The American people know they will be the ones through their ingenuity, entrepreneurial spirit and hard work that get our economy going again. As Ronald Reagan said, "Government is not the solution to the problem. Government is the problem."