As I examine progressive revenue options, I want to make sure wealthy individuals and businesses pay their fair share, that we reduce the burden on low-income and middle-class families, and not drive businesses from Chicago or create a disincentive for businesses to invest in our city.
Serious people need to work hard to reduce the debt, reduce taxes, and slash regulation on the small businesses and families that are the lifeblood of new jobs and innovation in our state.
Finally, the House is working to require a comprehensive federal review of IRS regulations with a follow-up report to Congress on possible actions to reduce the tax paperwork burden imposed on small businesses.
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.
We have to reduce the tax burden, whether it's income tax for corporations or private individuals, and we should put a freeze on property taxes.
My tax plan will cut taxes for 95 percent of workers, because we need to put money back into the pockets of struggling middle-class families and close the egregious tax loopholes that have exploded over the last eight years. My plan eliminates capital gains taxes entirely for the small businesses and start-ups that are the backbone of our economy, as opposed to John McCain's plan, which would tax these businesses. John McCain is running to serve out a third Bush term. But the truth is, when it comes to taxes, that's not being fair to George Bush.
Tax reform for the 21st century means rewarding hardworking families by closing unfair loopholes, lowering tax rates across the board, and simplifying the tax code dramatically. It demands reducing the tax burden on American businesses of all sizes so they can keep more of their income to invest in our communities.
And what's interesting, and I don't think a lot of Americans understand this fact, is that, one, most new jobs are created by small businesses; two, most small businesses pay tax at the individual income tax, or many small businesses pay tax there.
Notably, the Trump tax cuts also doubled the child tax credit, reducing the tax burden on working families so that they have more resources to devote to their children.
Those who want low taxes and healthy job creation know that an unnecessary dollar going to these unions is a dollar that cannot reduce the tax burden on homeowners, small businesses, and job creators.
We need to even out the tax code for small businesses so that we lower their tax rate to 25 percent, just as we need to lower it for all businesses.
We can lift standards of living for working families in this country. We can help small businesses create jobs. And we can have a beneficial impact on the economy as a whole if we do tax reform right.
I represent the small businesses, the women, and the families working so hard to rebuild our communities.
My constituents in Kansas know the death tax is a duplicative tax on small businesses and family farms that, in many cases, families have spent generations building.
The American people know what's necessary to get this economy moving again. It's fiscal discipline in Washington, D.C. and across-the-board tax relief for working families, small businesses and family farms.
I support progressive revenue sources that ease the burden on low-income and working-class individuals and families who are least able to shoulder the burden of regressive taxes and fees.