Our tax system is hopelessly complicated and seriously broken.
Believe it or not, Americans spend $160 billion per year on tax preparation (Paul Ryan’s FY 2013 Budget Proposal), and the IRS’ two-page 1040 short form comes with 88 pages of instructions.
Beyond the hurdles that individuals face when filing their taxes lies the problems with our corporate tax structure.
America is now home to the highest corporate tax rate in the world; higher than Sweden, 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 interests that have rigged the system in their favor, big corporations are effectively taxed at half the rate of small businesses and companies that make billions of dollars in profits each year--such as GE--pay little or no taxes.
Small and medium-sized businesses are the engine of our economy, and we must 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 corporate tax rate and eliminating corporate welfare and nearly all of the loopholes and deductions that exist, we can provide much-needed relief for hard-working Americans, level the playing field for small and medium-sized businesses and create real and sustainable economic growth.
You can check out my Tax Plan in its entirety by following this link: http://www.ericforsenate.com/wp-content/uploads/2012/04/The-Hovde-Tax-Plan.pdf