After the abject failure to repeal and replace Obamacare, Congressional Republicans have one last shot to accomplish something that truly benefits the American people and our nation’s economy: tax reform. Let’s just hope their effort to fix our nation’s broken tax code doesn’t result in the same letdown as the health care vote did.
I’m not unsympathetic to the challenges Republicans face. Passing legislation is incredibly complex and there will always be obstacles to contend with—whether from the opposition party or internal conflicts within the Republican Party. But let’s face the facts – Republicans have solid majorities in both the House and Senate, as well as a supportive Administration and Supreme Court. There is simply no excuse for failure anymore.
Failure to enact tax reform will cripple America’s small businesses, many of which are struggling to stay operational, much less competitive. Our current tax code is too complicated, long, and biased toward large corporations. Between having the highest corporate tax rate in the industrialized world (35%) and contending with state corporate taxes, many small businesses end up paying ridiculously high rates (up to 40% or more).
Unlike their large, multinational counterparts, small businesses here in Virginia and nationwide are not able to simply absorb the costs of tax preparation or take advantage of tax loopholes to lessen their burden. Instead, they must divert resources that could otherwise be used to expand their business and create new jobs. It’s quite frankly untenable and something must be done to address this fundamental imbalance soon.
It is time for Republicans to come together—conservatives, moderates, everyone—to support tax reform that lowers corporate tax rates and makes America’s small businesses competitive again. It all starts with passing a budget in September, so let’s get the job done and get it done right.