Friday, January 15, 2016
Overhauling taxes and State of the Union response
This week I introduced in the House of Representatives a bill—the American Business Competitiveness Act (ABC Act)—that will reform the business tax code. Actually, my bill doesn't reform the code as much as it totally abolishes it and replaces it with some clear, simple rules that everyday, small-business owners can actually understand without help from accountants and lawyers.
A key feature of the bill is that it eliminates all the loopholes and special deals that riddle the business tax code. It treats all businesses equally, no matter their size or how they're organized, so that startups and small businesses can compete with bigger businesses on a level playing field. It would also boost economic growth by an estimated 7.3 percent and create more than a million jobs. You can read my article on the bill here and get more details about it here.
Separately, I watched President Obama's State of the Union speech this week in disbelief as he tried once again to put a smiley face on our deteriorating national security situation. Personally, I don't believe his plan to take in thousands of refugees from ISIS-infested Syria is in our national interest, and I don't think Iran's recent seizure of American sailors was a U.S. diplomatic victory that warranted top U.S. officials thanking Iran for its supposed cooperation. You can read my statement on the State of the Union here.