Congressman Kenny Marchant (TX-24) issued the following statement after President Obama unveiled his corporate tax reform plan:
“After nearly a year, the President has finally weighed in with a framework of his own for corporate tax reform. As a member of the Ways and Means Committee, which has jurisdiction over tax policy, I look forward to working with Chairman Camp to craft legislation that simplifies the tax code by lowering rates and closing loopholes.
“Since joining this Committee last year, I have made comprehensive tax reform (both corporate and individual) a high priority of my legislative agenda. I thank Chairman Camp for holding hearings over the last year to outline ways in which we can streamline the code. A simpler code would encourage economic growth and investment here at home and lead to significant private sector job creation. As a long-time small businessman, I know the hurdles companies face when complying with the federal tax code.
“Unfortunately, the President’s proposal is not comprehensive. We need comprehensive tax reform which includes individual tax reform as well. This is because at least half of business income is taxed at the individual rates. These are small businesses, the engine of our economy. A simplified tax code that is flatter and fairer will allow our businesses to better compete in the global economy, encourage small businesses to expand, and allow individuals and families to keep more of what they earn.”