Taxes
While pranks are common on such a day, it was no joke when on April 1st the United States’ 35 percent corporate tax rate became the highest in the world. Our current system is a relic of the Post-War era, when the U.S. reigned as the unchallenged industrial leader, and government efficiently regulated the market.
America’s looming debt crisis is the most predictable – and avoidable – economic calamity in our nation’s history. Make no mistake: empty promises from both political parties have gotten us where we are today. This explosion of debt is threatening to cripple our nation and rob our children and grandchildren of their future.
Washington, DC – Congressman Adrian Smith (R-NE) released the following statement on President Obama’s corporate tax reform proposal:
This past week President Obama delivered his State of the Union address to a joint session of Congress. Traditionally this speech has been a chance for the President to outline his agenda for the coming year. After more than three years of economic hardship, this was the time to chart a new path forward to put our nation back on a sounder fiscal and economic footing.
Washington, DC – Congressman Adrian Smith (R-NE) today released the following statement on President Obama’s State of the Union address:
Washington, D.C.– Congressman Adrian Smith (R-NE) today issued the following statement after the U.S. House of Representatives gaveled in the Second Session of the 112th Congress:
The November jobs report, which showed nearly twice as many Americans dropped out of the labor force than found work, underscored the deep and systemic problems still affecting the economy. One of those areas is our outdated tax code. Over the years, it has grown too complicated and cumbersome, and it is fundamentally unfair.
Over the past several weeks, Washington has had multiple opportunities to address the nation’s massive spending problem. Instead, the only thing Congress was able to accomplish was prove again how broken Washington has become. Despite the setbacks, we must redouble our efforts to end the unsustainable spending going on in our nation’s capital.