Tax reform remains a priority of Congress, at least, according to Congressman Adrian Smith.
Smith insists tax reform hasn’t faded as an issue, even though numerous other issues have been bubbling to the surface in Washington.
Smith, who serves on the tax-writing Ways and Means Committee, sees much promise in federal tax reform. He says it could make American corporations more competitive around the world, ease the tax burden on small businesses and individuals, spur economic growth, and even lower the federal deficit through increased economic activity.
The newly Republican Congress and President Barack Obama, a Democrat, haven’t seemed to agree on much this session. Yet, Smith says tax reform could be an issue that brings the two together.
Smith notes President Obama seems more willing to work on tax reform than some assume.
“Well, there certainly is plenty of disagreement within the legislative branch alone, but the president has acknowledged that our corporate tax rate is very uncompetitive and really, I think, penalizes U.S. companies around the world,” Smith tells Nebraska Radio Network.
Smith says discussions must extend beyond the corporate tax rate. He points out many small business owners pay taxes through the individual income tax. Smith says tax reform would make things simpler for business and provide real benefits for individuals as well.
AUDIO: Brent Martin reports [:40]