Political Quotes

“I rise to discuss an issue of importance for Nebraskans and Americans all across this country; that is, the need for comprehensive tax reform. It is no secret the current Tax Code is overly complex and outdated. Any American can tell you how frustrating it is to file a tax return. Our Tax Code is riddled with deductions, exemptions, credits, exclusions, preferences, and loopholes that make it nearly impossible for anyone without a degree in tax law to understand. At the same time, we should recognize that some progress has been made. Thanks to the work of Chairman Hatch and members of the Senate Finance Committee, many important updates to the Tax Code were made permanent at the end of last year. In particular, increasing the deduction limit and making permanent section 179 of the Tax Code was an important step. This section allows small businesses to deduct from their taxes certain depreciable business assets. My constituents told me annual uncertainty about whether section 179 would be renewed made it very difficult for them to plan, to invest, and to grow their businesses. Making this provision permanent reduced the ambiguity that had plagued Nebraska's small business owners and operators. Although we have made some progress in reforming the Tax Code, there is more work to do for the American people. I believe tax reform should focus on several principles, including competitiveness, simplicity, and economic growth.…”