On Friday, from his perch on the Ways and Means Committee, U.S. Rep. Vern Buchanan, R-Fla., offered qualified support to President Barack Obama’s plan to lower the corporate tax rate from 35 percent to 28 percent, but insisted that more needed to be done.
“I appreciate the president’s willingness to engage on such an important issue,” said Buchanan in a statement. “America’s corporate tax rate is the second-highest in the world, trailing only Japan. This shackles our businesses as they attempt to compete globally with businesses that pay lower rates. We must broadly restructure our system to encourage businesses to keep their jobs in America and bring new jobs here by making U.S. companies more competitive. I look forward to working with the president on this matter.”
Buchanan added that more needed to be done to lower taxes.
“We need a simpler, fairer, pro-growth tax code that helps get Americans back to work,” said Buchanan. “The current tax code consumes more than 71,000 pages and it gets longer every year. Both parties and the president need to work together on a new tax code that creates jobs, revitalizes our economy, and helps America resume its rightful role as the leader of the global economy.”