April 15th is national Tax Day, marking the deadline for filing tax returns. Congressman Holding released the following statement:
"Today on Tax Day, hardworking Americans' wallets become slimmer as they hand over thousands of dollars to the federal government. Many people scramble to file their tax returns last minute, and we are reminded of the burden of our current tax code and our country's need for comprehensive tax reform. Our current tax code is four million words long and places too many regulations on our small businesses and families. It takes U.S. taxpayers more than 6.1 billion hours to complete tax filings and the majority of Americans rely on paid professionals or commercial software to prepare their tax returns. Real tax reform should benefit hardworking taxpayers and small businesses by giving them a simpler, fairer tax code that enables our economy to grow and add jobs in the process.
Our tax code is also anti-growth and anti-entrepreneurship. At 35%, we have the highest corporate tax rate in the industrialized world, and that harms our ability to compete with other countries. It also discourages domestic competition -- businesses are already struggling to keep their doors open in our slow economy, and high tax rates force them to go out of business or squeeze margins. We should reform our tax code to promote innovation and expansion.
American families can't afford an increase in taxes -- again. We are trillions of dollars in debt, our economy is stalled, and people are struggling to find jobs. We should focus on cutting wasteful spending and balancing our budget to get people back to work. The President's budget plan calls for $1.1 trillion in new taxes, and that is the last thing we need to promote economic prosperity."