A Quote by Bill Foster
I believe we need a balanced, bipartisan approach to debt reduction that includes a combination of spending cuts, investments in economic growth, and simplification of the tax code that closes corporate loopholes that incentivize companies to ship jobs overseas.
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The harsh reality is that we simply cannot tax our way out of our overspending and debt problem. We need a balanced approach that includes both a stronger economy to generate new tax revenues and bipartisan guardrails, which will help ensure that future presidents and congresses spend within our means.
The tax code is very inefficient. Both the personal tax code and the corporate tax code. By closing loopholes and lowering rates, you could increase the efficiency of the tax code and create more incentives for people to invest.
President Obama has offered a plan with 4 trillion dollars in debt reduction over a decade, with two and a half dollars of spending reductions for every one dollar of revenue increases, and tight controls on future spending. It's the kind of balanced approach proposed by the bipartisan Simpson-Bowles commission.
We also need to reduce corporate tax rates. This applies to small, medium and large businesses. At 35 percent, we have the second highest corporate rates in the world. It restricts the growth of small enterprises that need to plow capital back into their businesses and forces companies and jobs to move overseas.
Economic growth, profitability, prosperity, jobs, increased jobs, increased wages, they're able to get that tax rate down to 15% and we're gonna call it tax relief, not tax breaks, not tax loopholes. It's important to control and reclaim the language here.
We need to have the growth. If we simply look at this as being deficit-neutral, you're never going to get the type of tax reform and tax reductions that you need to get to sustain 3 percent economic growth. We really do believe that the tax code is what's holding back the American economy.
At a time when the United States is handing out tax breaks to corporations that ship jobs overseas, corporate jet owners, and millionaires and billionaires, it is ludicrous that we would even be looking at Social Security and Medicare as a solution to our debt crisis.
Instead of creating new jobs, Republicans gave tax cuts to companies that send jobs overseas.
I think it's important to look at what we need to do to get the economy going again. That's why I said new jobs with rising incomes, investments, not in more tax cuts that would add $5 trillion to the debt.
Having a tax code that rewards companies that are shipping jobs overseas instead of companies that are investing here in the United States, that will not make us more competitive.
We must reign in overspending by ridding government of outmoded programs, making Big Oil pay their fair share, repealing massive tax breaks for corporations that ship jobs overseas, and enacting a tax code that no longer favors millionaires and billionaires.
We've got a tax code that is encouraging flight of jobs and outsourcing. And that's why we've specifically recommended in this campaign that Congress change our tax code so that we stop giving tax breaks to companies that are moving to Mexico and China and other places, and start putting those tax breaks into companies that are investing here in the United States.
Every tax cut I call for is targeted, it's responsible and it is paid for within my balanced budget plan. My tax cuts will not undermine our economy. They will speed economic growth.
The key to revenue growth is tax reform that closes loopholes and that is pro-growth. Then with a growing economy, that's where your revenue growth comes in, not from higher taxes.
Almost everyone agrees that corporate tax rates need to be cut because of global competition. Companies should not be able to stash earnings overseas tax-free.
All those predictions about how much economic growth will be created by this, all of those new jobs, would be created by the things we wanted - the extension of unemployment insurance and middle class tax cuts. An estate tax for millionaires adds exactly zero jobs. A tax cut for billionaires - virtually none.
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