Congress must lift the burden of taxes off families, small businesses, and family farms. That is why I favor making the 2001 and 2003 tax cuts permanent. Instead of the excessive tax rates of the past (sometimes as much as 80 percent), these tax cuts have lowered the marginal rate of taxes paid by all Americans and helped them keep more of their hard-earned money. The tax cuts have also helped stimulate our economy, leading to a season of high economic growth. Congress must extend these tax cuts beyond 2010, when they are scheduled to sunset. If Congress does not act, millions of Americans will face huge tax increases.
I also favor eliminating the death tax. The death tax discourages savings and investment, reduces wages and job creation, and is a leading cause of dissolution for thousands of family-run businesses. Permanent repeal of the death tax will protect millions of small business and family farms from the return of this devastating tax.
Further, we must ensure that our tax system enables American companies to be competitive in the world market. That is why I support policies to lower the tax burden faced by American companies. In 2004, I successfully led the fight to provide our nation’s manufacturers with a nine percent deduction for manufacturing activities in the United States, keeping manufacturing jobs in America. I will continue to advance policies that provide tax relief to America’s businesses.
