Carney, business owners discuss opportunities to improve tax code, encourage job growth

 

WILMINGTON, Del. – Congressman John Carney (D-DE) wrapped up his tax reform “listening tour” by meeting with members of Delaware’s business community.  On Thursday afternoon, he sat down with members and representatives of Delaware’s local chambers of commerce at Delaware Tech’s Terry Campus in Dover, and this morning, he met with members and staff of the Committee of 100 in Wilmington.  The discussions focused on comprehensive federal tax reform and how the system can be improved to help support small businesses and middle class families. 

 

“The federal tax system is broken,” said Congressman Carney.  “The key is figuring out which parts of the code are important and helping those who need it, and which parts aren’t.  Delaware businesses and individuals know these challenges because they see the impact in their bottom line or their household budget.  This week of meetings with Delawareans across the state has given me important information that I’ll use to move this issue forward in Washington.”

 

Many of the local chamber members on Thursday expressed their concern at the United States’ corporate tax structure with a rate that they viewed as uncompetitive with the rest of the world, resulting in tillions of corporate profits being stranded overseas.  Jennings Hastings, a CPA with Faw Casson in Dover, noted that bringing this tax funding back to the U.S. would create jobs, generate economic growth, and build confidence among taxpayers.

 

Mark Landis, President of Metro Merchant Services, echoed this point in Friday’s discussion with the Committee of 100.  He stated that companies will want to invest in the U.S. if the tax system is competitive and fair compared to other countries.

 

“There is some consensus in Washington on addressing corporate profits that are being left overseas,” said Congressman Carney.  “I’ve co-sponsored a bill that would bring that tax money back and use it to fund roads, bridges, and other infrastructure projects that put middle class Americans to work.   All taxpayers should reap the benefits of bringing this money back home." 

 

These discussions concluded a week of events and roundtable discussions hosted by Congressman Carney focused on the federal tax code and ideas for comprehensive tax reform.  Earlier this week, the Congressman was a guest lecturer at a University of Delaware Contemporary Issues seminar, met with leaders in Delaware’s entrepreneur community, and hosted a tele-town hall joined by more than 7,000 Delawareans to discuss individual and corporate tax reform.  

 

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