Issue Position: Taxes
Issue Position
As an entrepreneur and former Treasurer of Maricopa County, I understand how critical tax code and tax regulations are to Arizona families. Our current tax code has a lot of room for improvement if it is to become a streamlined, logical system. The current patchwork of temporary policies for individuals, sectors, and areas of business creates uncertainty at home for Americans and stifles investment for entrepreneurs and business owners.
We need to re-evaluate our timeline for passing a budget and think ahead when we plan our spending for the years to come. The generations tthat will follow us deserve a solid footing--not a country drowning in debt because of overwhelming budgetary restraints, commitments, and specialized tax exemptions.
Recent estimates show that American businesses are sitting on nearly $2 trillion in cash and are unwilling to spend it until the current tax environment is clarified. In my three years here in Congress, I have been a staunch opponent to bills containing a tax increase and I vow to continue that pattern.
I believe the key method to spur growth in our communities and business sectors is to rethink our current tax system and break down the barriers to financial security and prosperity.
That is why I supported the House Republican Budget's policy on tax reform that states:
"It is the policy of this resolution that Congress should enact legislation during fiscal year 2014 that provides for a comprehensive reform of the U.S. tax code to promote economic growth, create American jobs, increase wages, and benefit American consumers, investors, and workers through revenue-neutral fundamental tax reform, which should be reported by the Committee on Ways and Means to the House that simplifies the tax code to make it fairer to American families and businesses and reduces the amount of time and resources necessary to comply with tax laws; substantially lowers tax rates for individuals, with a goal of achieving a top individual rate of 25 percent and consolidating the current seven individual income tax brackets into two brackets with a first bracket of 10 percent; repeals the Alternative Minimum Tax; reduces the corporate tax rate to 25 percent; and transitions the tax code to a more competitive system of international taxation. "
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