"Yesterday, America became number one in a category nobody should want to win: the highest corporate tax rate in the industrialized world. While our competitors are cutting their tax rates in order to get ahead in the global economy, America is falling behind with our 35 percent rate. To make matters even worse, President Obama is calling for a new "minimum global tax" on American business profits earned overseas, I'm sure our competitors are hoping he gets his way. It makes no sense for America to have higher tax rates than the rest of the major players in the world market; it is costing us jobs and growth at a time when we desperately need more of both. Real tax reform that lowers rates and eliminates loopholes is essential for America to remain the top economy in the world.
The President's agenda has devastated our economic recovery and has significantly hindered job creation in Mississippi. Gas prices, a particularly cruel tax on rural America, have doubled. Overregulation of the energy sector is causing coal plants to shut down and preventing new ones from opening. The President and his party fight us tooth and nail in our efforts to cut spending, they prefer to continue the same failed tax, spend, and borrow policies of the past. Refusing to work with us to reform the tax code is just another example of the President's failed leadership."
Congressman Alan Nunnelee represents Mississippi's First Congressional District and serves on the House Appropriations Committee. This is his first term.