It astonishes me that the last time our elected officials passed comprehensive tax reform was in 1986. Thirty-one years ago during the Ronald Reagan presidency.
No wonder our economic growth annually hovers around 2.1 percent. Businesses are not investing in American jobs or American cities because it is simply too expensive. The corporate tax rate here is 30 percent. That means for every $100 made, businesses must pay $30 to the federal government. This does not encourage growth or productivity. Instead, it encourages companies to offshore jobs overseas and relocate manufacturing to countries that have low taxes.
President Trump is right – both Democrats and Republicans need to support his effort to enact comprehensive tax reform. The United States is the highest-taxed developed nation in the world, and in order for us to create a new age of American prosperity, we need to reduce our crushing tax burden on both small business and large corporations.
We need these American businesses to hire, invest and grow. In order for the stock market to sustain its record-setting run, for unemployment to remain near a 16-year-low, and for optimism among manufacturers to continue to climb, Congress must enact tax reform. For both the President – and the market – is betting on it.
President Trump has cleared the legislative deck for Congressional action – both houses of Congress have the next 90 days to focus almost exclusively on making our tax code competitive again. The President is right to categorize our tax code as “a giant self-inflicted economic wound.”
We need to unrig our economy – and a major component of that is enacting the tax plan the President has called for.
Tax reform should be a bipartisan pursuit. Everyone I speak to wants more jobs, better opportunity, and higher wages, no matter what their political affiliation. Reforming our tax code is how the government can produce these real, impactful results for middle-class Americans. It’s worked here in North Carolina from 44th ranking to third best state for business (Forbes).
As a small business owner who has employees and family or those we serve who live in Surry County we MUST do something to preserve our way of life! First businesses got hit with government over regulations, then burden of Obama Care. I ask your readers and paper to promote, support and urge our Congress to pass Trump Tax Relief or face many business to fail.