Our tax system is broken. It is now so complicated that getting help for your taxes is a multi-billion dollar business. I believe we need to completely overhaul the system, close loopholes, and reduces the burden we put on our taxpayers every April. There are many proposals out there and I am open to new ideas that accomplish the goals stated above. One of those proposals is the Fair Tax Act of 2015, of which I am a cosponsor. The bill would replace the individual income tax, the corporate income tax, all payroll taxes, the self-employment tax, and the estate and gift taxes with a 23% national retail sales tax. We would no longer have the need for the IRS or a serious problem with people cheating the system and not paying their fair share. People would simply pay their taxes every time that they purchased a good. But, there are many other good ideas as well. The important thing is that we reform our tax system and do it soon. Whatever tax vehicle we end up adopting, it needs to result in a simpler, less burdensome tax code for households and small businesses. I also believe that it’s time to give the estate or death tax the death penalty; the death tax burdens our nation’s farmers and family-owned small businesses.
I also believe we need to drastically cut the corporate income tax. At a combined rate of nearly 40%, the U.S. has the highest corporate income tax rate in the world. This means that businesses are more likely to move to other countries where they will not be taxed as much as they are here and investment and hiring in the U.S. suffers. The result is we lose our jobs and become less competitive in the world market. We have to stop this trend and restore America to the business-friendly climate it once was. The U.S. corporate tax rate should be set at or below the rate of our competitors abroad to eliminate the incentive to move businesses and jobs overseas.