Taxes
One of the most significant challenges holding back the American economy is our overly complex and outdated tax code. Instead of having tax policy to encourage hiring American workers and investing here in the United States, our obsolete tax system incentivizes businesses to leave profits and jobs overseas. This dynamic is stifling job growth here in Nebraska and across the country.
Washington, D.C. – U.S. Congressman Adrian Smith (R-NE) today voted in favor of H.R. 674 to permanently repeal a 3 percent withholding tax on payments made to vendors by government entities. H.R. 674, which Smith joined more than 260 members in cosponsoring, passed with broad bipartisan support and repeals an onerous withholding tax which would affect millions of U.S.
For 32 consecutive months the national unemployment rate has been at or above 8 percent. Today, it stands at 9.1 percent. Nearly 14 million Americans continue to look for jobs as average family incomes are dropping and the poverty rate is rising. Maintaining the status quo is unacceptable.