There is no question that our current tax system is incredibly complicated and in need of simplification. I support efforts to reform our tax code so that it is easier to understand and comply with the law. At the same time, I believe any reform of the tax code must be fair and should not punish success achieved through hard work and innovation.
I strongly support legislative efforts to reduce the tax burden on hardworking men and women. I was proud to support legislation in 2001 and 2003 which provided much-needed tax relief to small business and working families, increased the child tax credit, and reduced the marriage penalty and tax rates on dividends and capital gains. Additionally, the legislation expanded small business expensing and depreciation rules. I have consistently supported maintaining these important measures.
I am also a long-time proponent of legislation that seeks to permanently end the “estate tax,” which is also known as the death tax. The loss of a loved one is hard enough to face without the threat of the federal government claiming much of what a parent or spouse spent a lifetime building, whether that is a family home, savings account, farm or small business. In 2010, I was glad to support legislation that prevented this tax from jumping to a painful 55%; however the current rate of 35% is still too high for working families hoping to leave their hard-earned property or business to future generations.
In these challenging economic times the last thing we should be doing is imposing new taxes on hard working families. I also remain opposed to repeated bailouts, failed stimulus bills and out-of-control budgets. Families have learned to spend less, be responsible and live within their budgets – and now it’s time for the federal government to do the same. Kentuckians deserve the decency of accountability and oversight when their money is being spent.
Jobs are vital to economic growth and prosperity. We cannot tax and spend our way out of this recession. As your Representative in Congress, I remain steadfast in fighting against government waste, more bailouts and bills that increase the government’s reach on your dime. I will continue to be your voice in Washington to turn around this economy, create new and lasting opportunities, and fight for new jobs without raising your taxes.