02.15.17

Senator David Perdue: Trust The Free Enterprise System To Grow Our Economy

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) today spoke on the Senate floor to build consensus around conservative tax policy changes that will help unleash economic growth.

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SDP

Transcript:

Trust The Free Enterprise System: “For too long, the strength of our economy has been held down by politicians here in Washington and the unintended consequences that occur when they try to interfere with the free enterprise system. It’s time to trust that free enterprise system to get this economy going again...It’s time to simplify our individual tax code, reduce our corporate tax rates, eliminate conflicting business tax deductions, and eliminate the repatriation tax so we can once again become competitive with the rest of the world.”

Pro-Growth Tax Ideas: “I’m encouraged that today there are so many of my colleagues in Congress interested in generating new, pro-growth ideas. It’s a new day in Washington. I’ve long been an advocate of simplifying the way we fund our federal government. In my opinion, the best way to do that is ideally with a new system like the FairTax for example, which would move us to a totally new tax system and completely eliminate the personal, corporate, and payroll taxes we suffer through today.”

New Tax Would Hammer Consumers: “One idea bears much scrutiny at this point in time, and that is the so-called border-adjustment tax that's now being discussed in Congress. It would hammer consumers, shut down economic growth, and ultimately grow the size of government.”

Downsizing The Federal Government: “Growing government with a new layer of complexity on top of our existing income tax system is the last thing we need to be doing at this point in time. We should be talking about how do we downsize the federal government, make our system more competitive with the rest of the world, and create jobs and create the atmosphere for capital formation and innovation again.”

How Bad Ideas Become Law: “Historically, lawmakers have crammed numerous proposals into single massive overreaching bills. It's the Washington way. Those bills have often hurt the very people they claimed to champion. When bad ideas get mixed with good ideas, the bad ideas often times become law. That's exactly what could happen here if changes to the individual code, corporate rate, repatriation tax, and this border adjustment tax are combined into one sweeping bill.”

Getting Tax Policy Changes Right: “Now, is exactly the time to get these changes right. We have an opportunity to change our tax code to a more competitive structure that doesn't pick winners and losers, that doesn't penalize people for success, and allows us to compete with the rest of the world on a level playing field.”

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