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Monday, April 18, 2016 VOLUME 18 ISSUE 63
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APRIL 27, 2016 

 

Modernizing Our Tax Code is 

Common Sense 

Since the Great Recession, Florida's recovery has outpaced the nation and resulted in a stronger, more diverse economy. As the nation's third largest state, we've created more than one million new jobs, cut dozens of taxes and improved thousands of regulations, all while increasing investments in our state's future through record education and infrastructure funding. While there is always more work to be done, the result has been higher employment, growing wages and a better environment for job creators and families.

In its first 100 years, the Florida Chamber of Commerce, has focused on solving problems facing Florida's economy and has offered solutions designed to make Florida the number one place to live, work, and visit.  While Florida has its own set of challenges- highest in the nation property insurance rates, a bottom ten legal climate, and a changing population - the Florida Chamber has focused on solutions that improve Florida's competitiveness both nationally and globally. We've championed legal reform efforts, modernized the state's pension systems, and fought to reduce or eliminate Florida-specific taxes such as the sales taxes on manufacturing machinery and equipment and the business rent tax. As Florida continues to expand and grow its economy, a significant roadblock remains: Washington, D.C.

The United States has one of the most complex and archaic tax codes in the developed world. Job creators suffer the highest corporate income tax rate of any developed nation. Additionally, the U.S. is the only nation that charges a tax on foreign profits. The federal tax code is nearly 74,000 pages, and costs companies - and ultimately consumers - billions of hours and hundreds of billions of dollars annually to simply comply. The result is that Florida, like other states, is losing companies and jobs to other countries that have more competitive rates and simpler tax systems. Fortunately, leaders of the Florida delegation in Congress, like former Florida Chamber Chair Representative Vern Buchanan, are pushing to bring our tax code into the 21st century.  But more voices (and courage) are needed.

While other countries have modernized their tax systems over the last 30 years, America has stood and watched from the sidelines. If Florida and the rest of the United States is going to keep its competitive edge worldwide, we must take smart steps and implement bold economic policies. While politically difficult, one of the first steps Congress should take is to modernize our tax code. It's just common sense. It'll make America more competitive, and that's a win for consumers everywhere.

 

Florida Chamber Takes the Hill: Join Us in Washington, D.C.

 

Florida Chamber executives will lead a delegation of board members to Washington to meet with members of Florida's Congressional Delegation and federal agencies to urge support of job creators and push back against burdensome regulations. For more information, please contact Drew Preston at 850-521-1252.

 

   

 

Published by Central Florida Partnership
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