Statements and Speeches
WASHINGTON – Today, Sen. Tom Carper (D-Del.), a member of the Senate Finance Committee, released the following statement regarding the committee’s hearing on "Tax Reform, Growth and Efficiency."
"The American economy is getting stronger, but we in Congress have much to do if we hope to build on the momentum we've seized in recent months and years. Reforming our tax code is one of the surefire ways we can help to spur long-term growth that reaches all Americans. We need a tax code that will help the United States out-educate, out-innovate, and out-compete every nation on Earth. That is not the tax system we have right now.
"Both the corporate and individual tax codes are in dire need of a major overhaul. Both are riddled with inefficient loopholes and tax expenditures. Both are far too complicated and provide too many opportunities for some taxpayers to 'game the system' to avoid paying taxes. And both impose tax rates that are too high when compared to our international competitors.
"For that reason it is critically important that Congress work with the administration to enact comprehensive tax reform regardless of the political roadblocks. I am proud to be working across the aisle with my colleague Sen. Pat Toomey (R-Penn.) to offer one particular reform that could pay huge dividends for our economy. Today we are introducing the Competitiveness and Opportunity by Modernizing and Permanently Extending the Tax Credit for Experimentation Act, also known as the COMPETE Act. Harnessing tax incentives to encourage research and development – the lifeblood of innovation – should be a permanent part of our tax code to keep America competitive for generations to come. But there is much more we need to do.
"I often say a major role of government is to create a nurturing environment where businesses can grow and create jobs, while also playing by the rules and being good corporate citizens. Enacting comprehensive tax reform gives us a great opportunity to incentivize more companies to do business and create jobs in the United States because our markets are robust, access to capital and labor is plentiful, and our corporate governance model is transparent and effective.
"I look forward to continuing to work with my colleagues and the administration on this is a vital issue that affects every American, as well as our country's our ability to pay our bills and to compete in a global economy."