Walberg Wrap-Up: Tax Edition

Statement

Dear Friends,

This year tax day, the deadline for filing your taxes, coincided with another lesser known date--Tax Freedom Day. It's the day Americans finally earned enough to pay all of our taxes for the year, taking us 107 days to do so. If working three and a half months just to pay your taxes isn't troubling enough, on average this year we'll have spent more on federal, state and local taxes than food, clothing and housing combined!

At the same time, job providers are being held back by tax uncertainty. Not only are they unsure what their year end tax rate may be, but they also spend a large amount of time trying to navigate through a complicated, cumbersome tax code that further limits their ability to innovate and hire. These issues are just another reminder for the need of a comprehensive tax reform that lowers rates and makes the code more simple and fair to help encourage economic growth.

This week the House voted to provide relief to small businesses by passing H.R. 9, the Small Business Tax Cut Act, which gives companies with fewer than 500 employers with a one-year tax deduction equal to 20% of their active business income. It will also allow small businesses to immediately expand their operations and provide more jobs to the community.

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