Tax Policy
To promote economic growth, Congress must focus its efforts on reforming our tax code to ensure that America maintains its competitive edge, continues to have a strong manufacturing base, and remains a leader in innovation and technology. I have heard from countless businesses that say now is the time to change our tax code so it rewards innovation, promotes economic growth, and ends unnecessary tax subsidies.
Our tax code has not been reformed in a quarter of a century. Instead of looking broadly at tax reform, Congress has made over 15,000 changes since 1986. This has increased the tax codes’ complexity and compliance costs for businesses and individuals. The world has become increasingly global and more competitive and our outdated tax code puts American companies at an economic disadvantage.
We must take a serious look at corporate tax policy and its impact on innovation in this country. In Pennsylvania, the medical innovation industry is vital to our region’s economic growth. I am proud that Pennsylvania companies are on the frontlines of this innovation, and it is essential that they have the ability to grow and thrive. That is why I have fought for targeted tax cuts that promote innovative and emerging industries that will create an environment for private sector job growth for generations to come.
Americans called on Congress to work together and take actions to grow our economy. I believe that we should come together to extend the middle class tax cuts for 114 million middle-class families. Democrats and Republicans have agreed on extending these cuts.
However, Congressional Republicans have made a choice – tax breaks for the wealthiest 2 percent of Americans or nothing. I do not believe in this approach and that is why I am urging my Republican colleagues to work with us and support middle-class Americans, and stop playing politics with our country’s future. On August 1, 2012, I voted to extend these much needed middle-class tax cuts.