By Karl Malgiero
February 20, 2015
Congressman John Carney completed his week-long listening tour seeking public input on federal tax reform Friday, holding a roundtable discussion with the Committee of 100 economic development group.
Carney also discussed current reform proposals in Washington. The Obama administration suggested several changes in their 2016 fiscal budget proposal – and House Ways and Means committee chairman Paul Ryan said he’s open to negotiation and compromise with Democrats.
Carney concedes that while he feels both personal and corporate tax reform are necessary, changes to personal income taxes are likely an easier sell. But he argues that critics of lowering the corporate rate of 35 percent fail to see how that’s hurting US competitiveness.
“Companies that have international operations, like some of the companies here in Delaware: DuPont, AstraZeneca, are locating facilities with jobs in other countries. And we’re losing out,” Carney said.
Carney added he heard from the general public this week they want a simpler tax code that keeps more of their money in their pocket – while most business people are hoping for improved predictability, clarity and flexibility.
Carney says the first move could be lowering the rate on American companies’ overseas earnings – which the White House would like to use to replenish the federal transportation fund.
