Jim Banks: “The last time Congress passed fundamental tax reform, I was 7 years old. It is long past time that our broken Tax Code…”

“The last time Congress passed fundamental tax reform, I was 7 years old. It is long past time that our broken Tax Code is fixed and our country gets back on a path to robust and sustained economic growth. As we consider tax reform legislation, we should look to my home State of Indiana for inspiration. During my time as a State senator, Indiana lowered business taxes by nearly 50 percent, and rates are scheduled to fall even further in the coming years. By 2022, the Hoosier State will have the third lowest corporate tax rate in the Nation. At the same time, Indiana has removed many special interest loopholes and carve-outs to make the system simple and fair for all Hoosier taxpayers. According to the nonpartisan Tax Foundation, Indiana has the eighth best business tax climate in the country, a number that will only get better as tax rates continue to go down. The results speak for themselves: Indiana has an unemployment rate below 4 percent, strong economic growth, a AAA credit rating, and a $1.8 billion surplus in the bank. Lower taxes combined with simplicity and fairness--this is the model that we need to embrace if our country is going to return to sustained 3 percent and greater growth. ____________________”