Our tax system is hopelessly complicated and seriously broken.Believe it or not, Americans spend $160 billion per year on tax preparation (PaulRyan’s FY 2013 Budget Proposal), and the IRS’ two-page 1040 short formcomes with
of instructions.Beyond the hurdles that individuals face when ﬁling their taxes lies the problemswith our corporate tax structure. America is now home to the highest corporate tax rate in the world; higher thanSweden, France, Italy and even Communist China
(Wall Street Journal,4/2/2012).
This is no way to jumpstart our struggling economy.Even worse, as a result of crony capitalism and deep-pocketed special intereststhat have rigged the system in their favor, big corporations are effectively taxed athalf the rate of small businesses and companies that make billions of dollars inproﬁts each year--such as GE--pay little or no taxes.Small and medium-sized businesses are the engine of our economy, and wemust stop stunting their growth if we are ever going to experience real recovery.Stopping this insanity starts with a plan to achieve real tax fairness.By lowering individual income tax rates across the board, lowering the corporatetax rate and eliminating corporate welfare and nearly all of the loopholes anddeductions that exist, we can provide much-needed relief for hard-working Americans, level the playing ﬁeld for small and medium-sized businesses andcreate real and sustainable economic growth.
Paid for by Hovde for Senate Committee, Inc.
Source: Organization for Economic Cooperation and Development (OECD) and Deloitte, 2012
THE CASE FOR