Americans are frustrated by the lack of Congressional action on taxes. There are steps we can take immediately to streamline the system. As a CPA, I know first-hand that our tax code is needlessly complex. Once John Yarmuth and his Democrat buddies in Congress have been sent packing, we can get to work helping Americans with meaningful tax reform.
By broadening the tax base, doing away with favored streams of income so that everyone is paying taxes on the same income and lowering rates so that everyone is paying his or her share of the burden, we can simplify things so that paying taxes doesn't mean bordering on bankruptcy for millions of Americans. Meaningful tax reform would help thousands of my fellow Kentuckians annually.
We should let American-based corporations bring home the trillions of dollars they have earned overseas, and already paid taxes on, with no tax liability so that they can put those dollars to work in our economy, thereby infusing badly needed capital into the private sector, creating jobs, and increasing investment. There are many ways to eliminate waste and ease the tax burden on nearly everyone. As a financial professional, I know how we can find relief.
I would not increase any taxes. Rather we need to stabilize taxes at the current level or reform the tax code by broadening the tax base and decreasing the rates. With either approach it is essential that we stabilize taxes as well as freeze and actually roll back implementation or regulations to provide certainty and predictability in the economy and markets. Doing this will fuel growth in the economy and create jobs. Once the economy is on sound footing and the tax code is reformed American will again be the best place in the world to do business.
Finally, raising revenue in a manner that unevenly targets middle- and even upper-income brackets is not going to work. We cannot grow by cynically pitting income groups against one another. Critics of capitalism have lately been calling for economic warfare under the guise of "fairness." Well, 10% of taxpayers pay about 80% of the taxes paid by individuals, while almost 50% of Americans pay no income tax at all, and many in fact receive government refunds of money they did not pay.
Just as taking money from those who don't have it isn't right, taking it from those who create jobs and propel the country's economy and handing it to those that do not isn't "fairness" either. It's craven class politics, and it's wrong. We need meaningful tax reform and a return to common sense economic policy.
I know exactly what it takes to get these vital priorities done. After all, it's been my life for the last 31 years.