Senator Cory Gardner (R-CO) today released the below statement following the release of tax relief legislation in the Senate. This is a big step in bringing tax relief to Coloradans in the form of lower, simpler personal taxes and more competitive business taxes that will lead to more jobs and higher wages for Coloradans. Bipartisan hearings will take place in the coming weeks.
"For too long, Coloradans and Americans across the country have felt like they've been left behind," said Gardner. "Congress has not passed major tax reform in over 30 years and I'm excited for the opportunity to finally bring tax relief to hardworking Coloradans. This is just the beginning of the Senate's process and I look forward to working with my colleagues to improve this legislation in the days ahead and make sure it benefits Coloradans. Lower taxes will mean bigger paychecks and result in Coloradans keeping more of their hard earned dollars. It's time for Washington to get out of the way and let Americans spend their money how they want, not how Washington dictates."
The Senate proposal will not only simplify the tax code, but also create a fairer system for all Americans by eliminating special interest carve outs and loopholes.
Gardner continued: "Washington insiders and those who know how to game the system have had an unfair advantage over hardworking Americans when it comes to our complex, out-of-date tax code. Those with enough money find ways to game the system and use loopholes to their advantage. It's time for this to end. It's time to level the playing field and provide tax relief to all Americans. A simpler, fairer tax code will allow individuals and Main Street businesses to save time and money on preparing their taxes. Coloradans should make decisions based on what is good for them, their families, their employees, and their business, not because of the tax code."
The Senate plan also calls for lowering the corporate tax rate to 20%. For years both sides of the aisle have recognized that our corporate tax code is uncompetitive and causing companies to leave the country in search of lower taxes. Even President Obama in his 2011 State of the Union Address advocated for lowering the corporate tax rate, saying, "For example, over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries. Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense, and it has to change."
Gardner continued: "Lowering the corporate tax rate will jumpstart the economy and will allow businesses to hire more workers and reinvest their earnings into their business operations. Without tax relief, I worry about the future of Main Street America. We know American workers bear much of the burden of a high corporate tax rate in the form of lower wages, but now we have the opportunity to fix this. We can lower the corporate tax rate that could result in an additional $4,000 in the pockets of the average American household. This will be good for small businesses and American workers."
Gardner's number one priority is to make sure the interests of Coloradans are front and center throughout this debate. His office has launched a new web page and is encouraging Coloradans to go to Gardner.Senate.Gov/Taxes to provide input on how we can fix our tax code.
Gardner added, "I have already heard from Coloradans around the state and am eager to get more feedback as this process continues. We have a real opportunity to grow our economy and bring relief to hardworking Coloradans and I'm excited to work on tax relief on behalf of all Coloradans."