Dr. Dan Benishek (MI-01) today announced his support for the "Pathway to Job Creation through a Simpler, Fairer Tax Code Act" (H.R. 6169), a bill that will require Congress to consider comprehensive tax reform to boost economic growth by providing a simpler, fairer tax code.
"Retooling America's broken tax code will provide a better environment for private sector job growth. Right now, the tax code is too complicated and is filled with loopholes and giveaways that favor some sectors over others. That needs to be fixed. I believe Northern Michigan's families and businesses will benefit from a simpler, fairer tax code that is easier to understand and encourages job creation," said Dr. Benishek, a doctor who practiced in Iron Mountain for 28 years.
The "Pathway to Job Creation through a Simpler, Fairer Tax Code Act" would require the House and Senate to consider legislation containing the following principles for tax reform, included in the last two House-passed budgets: (1) consolidation of the current individual income tax brackets into two brackets and a top rate of not more than 25 percent; (2) reduction of the corporate tax rate from 35 percent to not more than 25 percent; (3) repeal of the Alternative Minimum Tax; (4) broadening of the tax base to maintain revenue between 18 and 19 percent of the economy; and (5) change to a ""territorial'' system of taxation, which will prevent American businesses from unfairly having to pay additional taxes on business they do overseas.
By streamlining tax laws and allowing job providers to keep more of their own money, businesses will have the opportunity to invest more in expansion and create jobs. Additionally, tax reform will allow American families to better plan for the future by making a simpler and fairer tax code.
"This legislation paves the way for tax reform that will promote investment and innovation and allow American companies to be more competitive in the global market. Instead of stifling economic growth with complicated and unfair tax laws, I believe Congress needs to enact some common sense reforms that will create jobs and make it easier for Michigan families and businesses to plan their own budgets," added Dr. Benishek.
The U.S. House of Representatives is scheduled to vote on the "Pathway to Job Creation through a Simpler, Fairer Tax Code Act" on August 2, 2012.