America needs a flatter and fairer system.
The U.S. needs major overhaul to its tax system. More than 1,000,000 words long, the U.S. tax code is too long and complicated to effectively foster job growth. We have to stop punishing success because it stifles the incentive to innovate, invest, and create jobs.
Congress has not substantially revised the tax code since 1986 and I believe we must do so immediately. One idea I support is the FairTax. I have cosponsored H.R. 25, which will utilize a national sales tax in place of income and other types of taxes. The replacement of income and other taxes with a national sales tax will allow us to eliminate the Internal Revenue Service (IRS).
The United States is uncompetitive in the global marketplace when it comes to our corporate tax system. At 35 percent, our corporate tax rate is now the highest of any industrialized country in the world. Lowering the corporate tax rate, as well as the high tax rates on our job-creating small businesses, will make the nation more competitive and actually increase tax revenues. With businesses investing capital instead of protecting themselves from excessive taxation, economic will bring more jobs to the U.S. economy.