Statement by Senator John McCain on Tax Day

Statement

U.S. Senator John McCain (R-AZ) released the following statement today marking Tax Day:

"Today marks the end of yet another tax filing season for the hardworking taxpayers of Arizona and our nation. As all those filing taxes in recent weeks well know, our current tax system is so antiquated and burdensome that even the most competent tax professionals have difficulty understanding it.

"Adding to the complexity and costs this year are two major taxes associated with the failed policy of Obamacare. For the first time since Obamacare was enacted, Americans who did not purchase health insurance under the new law will have to pay a tax penalty. This year, these penalties can reach up to $2,448 per person or up to $12,240 for a family of five. I believe that Americans should not be forced into the President's one-size-fits all health care mandate, and joined with Senator John Barrasso (R-WY) to introduce the Obamacare Opt-Out Act of 2015 to give citizens the freedom to opt-out of the individual mandate and the ability to choose the health insurance that's best for their families.

"In addition, the millions of Americans who received subsidies under Obamacare to help make their health insurance somewhat affordable were shocked to learn that they now have to pay back portions of those subsidies this tax season. According to a March 2015 Kaiser Health Poll, 45 percent of Americans do not know or believe that when someone gets financial help from the government to pay their health insurance premium, it is possible that they would end up owing money to the government if their income or family size changes during the year.

"Finally, our country's corporate tax rate is the highest in the world, stifling economic growth and forcing innovative American companies to park billions in profits overseas. This Congress, Congressman David Schweikert (R-AZ) and I reintroduced the Foreign Earnings Reinvestment Act that would encourage the return of the estimated $1.9 trillion locked overseas to the American economy by temporarily reducing the current 35 percent corporate tax rate to an 8.75 percent effective tax rate on foreign earnings brought back to America.

"America cannot tax its way to prosperity. That is why it is so critical that we set aside partisan politics to reform and modernize our tax code in a manner that spurs economic growth, creates jobs, eliminates special interest tax loopholes, and lowers both the individual and corporate tax rates."

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