Political Quotes

“Mr. President, we currently have the highest Federal corporate tax rate in the developed world. Businesses are moving from here overseas to seek a friendlier tax environment. If we are going to compete globally--and we are in a global economy-- we have to have a conducive tax and regulatory environment to do so. We don't have a conducive tax environment now. We cannot compete globally with the second highest or the highest corporate tax rate in the developed world. We also have a tax code that is far too complicated. Taxpayers and companies alike spend about 9 billion hours a year--9 billion hours a year--combined with IRS requirements, and this costs the U.S. economy more than $400 billion a year. This is just compliance costs. The Tax Code is also full of costly loopholes which allow businesses and millions of individuals to get away with paying no income tax or no corporate tax. After over 30 years, I am pleased to see Congress finally getting down to the work of doing a tax overhaul. A few weeks ago, we passed a budget that allows some cuts--about $1.5 trillion. I believe that when we do cut certain taxes, it does generate a greater economic activity, which does in turn mean additional revenue to government. However, there are limits to that model. We cannot simply assume we can cut all taxes and realize additional revenue. It is important that tax reform comes as well. We have been hearing a lot about cuts, cuts, cuts.…”