Small businesses need true tax reform

For too many years, too many politicians have been talking about growing our economy and bringing back American jobs. Now that they face a real opportunity to do so, how will they respond?

This year, Congress has a long-awaited opportunity to replace our bloated income tax code with a fair, simple system that lowers our high corporate tax rate and supports small businesses like mine.

In recent years, a series of patchwork policies has further complicated the code without addressing its central failures. Taxes shouldn’t be this complicated.

Like most small-business owners, I don’t have much extra time between managing employees, inventory and budgets. In April, I either have to stay up late every night worrying over my taxes or pay an accountant an arm and a leg to do it.

In addition to the tedious, incoherent nature of the federal tax code, the United States has the highest combined corporate tax rate in the industrialized world. This means corporations with resources tend to leverage every loophole they can to sustain their profit margins against foreign competitors from countries with far lower taxes. The higher rates are driving businesses and investors out of the country, preventing them from creating more jobs here at home.

I don’t have time to find the tax loopholes while I run a small business and fulfill my obligations as Aiken’s mayor, and probably couldn’t even take advantage of most of them even if I did. That’s why we need a real solution from Congress.

The Tax Foundation found that comprehensive tax reform could make a real difference for small businesses and families like mine. It says the House GOP blueprint could increase yearly after-tax incomes in South Carolina by an average of $4,000 and create nearly 24,000 jobs.

America must move forward with pro-growth policies that level the playing field for small businesses. Members of Congress finally have a precious opportunity to fix the tax code. Will they act in time?