President Obama rolled out a new tax reform plan earlier this week. And while the plan has been kicked off the front page thanks to international turmoil and skyrocketing gas prices, there is still plenty of reaction.
Rep. Mick Mulvaney (R-S.C.) sits on the House Budget Committee and the House Small Business Committee. He says any cut in the corporate tax rate is welcome but he’s bewildered as to why Obama wants to significantly raise taxes on overseas corporate profits.
Mulvaney says some companies want to bring that money home to invest in the U.S. but won’t because the government will take a huge bite out of it.
“I’ve never understood the desire of the federal government to want to beat up on businesses that want to grow and expand.”
The congressman is also no fan of higher taxes on small businesses but he’s pleased the president finally seems to be defining what he means by “fair share” in that small businesses and the wealthiest individuals will be paying around 40 percent to the federal government.
“People will see that for what it is, a complete overreach by the Obama administration.”
Mulvaney is also disturbed by new reports showing that almost 50 percent of Americans pay nothing in federal income taxes.