U.S. Rep. Andy Barr (R-KY) and House Ways and Means Committee Chairman Kevin Brady (R-TX) met last week with employees at UPS Worldport in Louisville, Kentucky, and state business leaders to discuss the need for tax reform.
“For too long, Americans have struggled to keep up with a complex tax code that is inefficient, wasteful, and distorts economic activity,” Barr said. “In fact, according to the Tax Foundation, Americans spend over 8.9 billion hours and $99 billion complying with the tax code each year. In addition, our broken worldwide tax system discourages American companies from bringing home over $2 trillion in investments and earnings overseas, which could be used to invest in our communities and our workers.”
Congress is currently working on a tax reform proposal, the first in 31 years.
Brady explained why Republicans are working to lower the corporate tax rate.
“We’re proposing to lower rates dramatically for every size business, whether you’re a UPS or you’re a mom and pop that you see that you stop by on your way home after work today,” Brady said. “And for a simple principle: we want you to send less money to Washington – we want you to invest more in your workers, in your business, in your future.”
Barr said he is optimistic that the House will move forward with a robust tax reform proposal that restructures the U.S. tax code to grow our economy and create jobs.