Taxes

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 One of those areas is our outdated tax code.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.

Last month’s jobs report did not offer much to feel good about the state of the American economy. October marked the 33rd straight month of joblessness above eight percent, a post-World War II record and job growth slowed to a four month low.

One of the most significant challenges holding back the American economy is our overly complex and outdated tax code.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.

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.