Monday, October 24, 2016
Graves: Fair Tax needed in U. S.
In the middle of October, annual Tax Day is about the last thing on most people’s minds.
But every time we bring home a paycheck and look at the pay stub, we’re reminded of just how much U.S. tax policy impacts our bottom line.
Everyone in this country knows that our tax code is time consuming, confusing, and burdensome. But small business owners and their employees feel the brunt of this confusion the most. It doesn’t have to be tax day for them to be reminded of that. As a farmer, I can’t even begin to count the hours my family has spent on compliance. I wish we had that time back to work on the farm and expand our business.
Last week marked 30 years since the last comprehensive tax reform was passed into law. It's been way too long, and it's something we have to start prioritizing as a country.
To give entrepreneurs time to run their businesses and create jobs – instead of complying with the tax code – we need a simplified system that’s easy for everyone to understand. I am a supporter of various policies and proposals that would do just that. Specifically, this Congress I am a cosponsor of the Fair Tax Act.
The Fair Tax would eliminate the IRS and our tax code as we know it, replacing it with a simple and straightforward national consumption tax.
In the House of Representatives, we also created a task force to deal exclusively with tax reform. We will focus on making the tax code simpler, fairer, and flatter, while adding pro-growth reforms and removing the incentive for businesses to shift jobs overseas.
Throughout my time in office, I’ve pushed to lower taxes on American individuals, small businesses and families. If we want real economic growth in this county, I’ve always believed that allowing Americans to keep more of their own money – and spend it how they prefer – is the best way to do that. I will continue to fight to make that happen.