AMERICANS NEED TAX REFORM NOT TAX INCREASES
Date: October 19, 2012
By: Bob Goodlatte
Many Americans continue to struggle with unemployment and an increased cost of living due in large part to our sluggish economy. They are looking to Washington to advance policies that tear down the barriers to job creation and get our nation back on the right track.
An important piece of any plan to address our nation’s unemployment crisis would be to enact meaningful tax reform. Congress must act to simplify the tax code which will generate economic expansion and create jobs by making America more competitive. The last thing American families and businesses need right now are new taxes that make it harder to save, invest, and hire.
But unfortunately tax increases are exactly what Americans are bracing for right now. The President’s new healthcare law consists of twenty-one tax increases, including the individual health insurance mandate which forces all Americans to purchase health insurance or pay a tax.
In less than three months, several new provisions of this law will go into effect, including a tax on the sale of certain medical devices. This tax, on devices like pacemakers, stents, and cardiac defibrillators, could potentially result in the loss of up to 43,000 American jobs and $3.5 billion in lost wages and benefits. Also set to take effect in 2013 is a 3.8 percent tax on “net investment income” which will impact many real estate transactions including income from rental properties, the sale of rental property or the sale of certain primary residences. That is why I have voted repeatedly to repeal, defund and dismantle Obamacare which contains so many destructive policies.
If we want our country to prosper once again, we must fight these impending tax increases and we must address tax reform. In fact, a recent survey of small business owners found that taxes are the most significant problem they currently face and nearly 75 percent of small business owners indicated that impending tax increases would significantly impact their business.
To achieve economic freedom and stability, we need a reformed tax system that will promote economic growth, and the financial independence of both individuals and our federal government. I support ideas such as lowering tax rates and eliminating loopholes in order to have a fairer, simpler tax code.
I am proud to say that because of my strong support of responsible tax and spending policies, the National Tax Limitation Committee (NTLC) recently presented me with their “Tax Fighter Award” and the National Taxpayers Union (NTU) has named me a “Taxpayers’ Friend”.
We can all agree that our tax code is no longer working in a fair manner for Americans. Congress must focus on policies that simplify our overly complicated tax code, allowing individuals and businesses to keep more of their hard-earned tax dollars. This would encourage investment and provide financial relief for America’s small businesses. Americans deserve tax reform, not a higher tax burden and so I will continue working to advance meaningful tax reform.