Aug 01, 2017
Sen. Manchin: “Our Corporate Tax System Is Beyond Broken”
Post by Freedom Partners
Over 70 percent of Americans think the economy is rigged in favor of the rich and powerful—and they’re right.
Our tax code is a complicated mess of carve outs and loopholes that benefit the well-connected at the expense of everyday Americans and their families. Handouts and tax breaks for special interests are expected to exceed $1.5 trillion this year, creating a two-tiered economy.
In addition, our outdated tax code puts American businesses at a disadvantage in today’s global economy. The corporate tax rate is wildly out of step with the global average rate, and our complicated tax code makes it time-consuming and expensive for businesses to comply.
Freedom Partners has been urging Congress to pass comprehensive tax reform that creates a simplified, more efficient, equitable and predictable tax code – without placing new burdens on taxpayers. Now, for the first time in over 30 years, lawmakers have the chance to do just that.
Few lawmakers have made this argument better than West Virginia Senator Joe Manchin. “I have long advocated for meaningful tax reform that creates fairness in our system and lowers rates for everyone while closing loopholes, exemptions, and credits that make our system unfair now,” Manchin said in 2012.
Manchin has long advocated for leveling the playing field. “Our corporate tax system is beyond broken,” he said.
In 2011, he urged fellow lawmakers to “close the loopholes, credits and offsets that allow some corporations and some Americans to avoid paying their fair share.” Doing so, Manchin said, would allow them to lower the tax rate for everyone.
Manchin has said fixing our nation’s spending and debt problems has to begin with overhauling the tax code. “We can work together to pass long-term, comprehensive tax reform that will restore fairness and confidence in our economy,” he said in 2015.
With the opportunity to un-rig the American economy now in front of him, Manchin shouldn’t let this chance at meaningful tax reform pass by.
Click here to learn more about our tax reform plan.
Over the coming weeks, Freedom Partners is highlighting remarks from key senators who have – in their own words – long-advocated for overhauling the U.S. Tax code to grow the economy, lower tax rates, close loopholes and special interest tax breaks, and encourage American businesses to compete globally.