Our nation’s tax code is a dumpster fire. Not only is it outdated and outrageously long, our own rules place the American economy, workers and businesses at a massive competitive disadvantage. The current tax code is so damaging that it actually encourages U.S. businesses to move money and jobs abroad rather than investing domestically, stifling the American economy. Thirty years, 75,000 pages and 2.4 million words after the last overhaul of the tax code, Washington policy-makers cannot wait any longer to implement pro-growth reform that puts American businesses — especially small businesses — first.
Small businesses strengthen our economy and community, and I am proud to represent a district that strongly supports them. I only wish I could say the same for the federal tax code which blatantly favors big businesses. The complexity of our tax laws stacks the deck against small businesses, while large companies use expensive CPAs and lawyers to take advantage of countless loopholes built for larger corporations. Coupled with the 35 percent business tax rate, small businesses’ resources are limited, restricting their capacity to expand their businesses and create jobs.
We need a new tax code that unleashes the potential of small businesses in Orange County and throughout California. California is home to over 3.7 million small businesses, which employ nearly half of all workers in California. As entrepreneurs leave their mark on Southern California, particularly in the tech industry, we must work diligently to support these businesses. San Diego, as one of the top 10 metro areas for start-ups in the country, is doing just that. Our state government must do the same. California needs policies that will allow growing companies to expand and create jobs here at home.
Fortunately, tax reform seems to be a priority in Washington, D.C. We have seen encouraging plans from Congress and the executive branch. Both lower rates and make it easier for everyone to comply…