Virginia Foxx: “Last week, the House passed legislation to extend a number of individual and business tax provisions that expired on…”

“Last week, the House passed legislation to extend a number of individual and business tax provisions that expired on December 31, 2013. This legislation would reinstate the provisions retroactively and extend them through the end of 2014. As a former small business owner, I recognize the tremendous cost that Federal policy can have on American businesses and believe the temporary extension of many of these tax breaks is necessary. However, I have long been a consistent and vocal supporter of simplifying the Tax Code and decreasing the tax burden of hardworking Americans. If you listen to the political discussion in our country very long, you will inevitably hear some liberal lawmakers repeat one of their favorite lines: all of our country's budget problems would be solved if only we increased taxes. But our old friend across the pond, Mr. Churchill, once said: ``A nation trying to tax itself into prosperity is like a man standing in a bucket trying to lift himself up by the handle.'' History has shown the truth of this statement: increasing taxes increases government spending and crowds out private sector investment, diminishing our prosperity. It is ridiculous that Americans labor, on average, 111 days just to make enough to pay the government before starting to keep what they earn for the year. At 70,000 pages long, the U.S. Tax Code is also far too complicated. It is almost five times wordier than the Bible, minus the grace and mercy.…”