Across almost the entire political spectrum, Americans support reforming the tax code. A broken tax code affects all of us in Central Arkansas. When businesses suffer from a broken tax code that limits growth, it affects all of us. When I ran for Congress in 2014, I committed to seeking solutions that lead to job creation and rising income and wages for hardworking Americans. I am working to champion skilled and vocational job creation and expand good training and career opportunities for all Arkansans.
As a former local business owner and community banker, I know the limitations that our current tax code places on our local economic growth. I am committed to finding solutions to our tax code, which is why I co-sponsored H.R. 27, the Tax Code Termination Act, which would repeal most of our current tax code by the year 2020 and require Congress to have a new federal tax system in place by July 4, 2019. Our families, businesses, and entrepreneurs all want—and deserve—a tax code that is not only fair and simple, but one that will also spur economic development and growth. I wanted to see who would defend the status quo.
In 2016, House Republicans outlined an approach to tax reform that would cut taxes for most Arkansas families, and let nine out of ten Arkansans have a simpler method of filing during tax time. Also, we proposed an overhaul of business taxation to close loopholes, broaden the base, and make the U.S. tax system internationally competitive. Also, importantly, for our families our tax revisions doubled the child tax credit and provided needed funds for health care and other family needs. This has resulted in higher wages, new job creation and career opportunities, and companies investing millions in new plants and equipment in America and not overseas.