Guest Commentary: Federal Tax Code Needs Revision

As the head of one of the largest banks in Arkansas, I am intimately familiar with the Federal Tax Code and its impact on businesses in our state. Making the tax code simpler, fairer and more logical will also generate the kind of real economic growth we desperately need in this country.

We all know how complicated the tax code is — so complicated, in fact, that huge numbers of private citizens feel compelled to seek out professional help or use expensive tax-preparation software to file, just so they don’t run afoul of the Internal Revenue Service. For businesses, it’s an even worse situation.

Not only do business owners need to contend with their personal taxes, they must also deal with the even more complicated process of filing their businesses’ taxes. In both cases, individuals and businesses must take on significant administrative overhead costs as a result of our painfully complicated tax system.

Read the full article by Main Street Growth & Opportunity Coalition Arkansas Steering Committee Member Sam T. Sicard

Main Street Growth & Opportunity Coalition Launches in Arkansas

Little Rock, AR, March 27, 2014 – The Main Street Growth & Opportunity Coalition – an alliance of businesses, local trade associations and concerned individuals committed to supporting a common sense, pro-growth agenda for America – today launched its effort in Arkansas.  The coalition announced its mission and agenda through a video press release that can be found at the following link.

“Business owners and families in Arkansas are frustrated with Washington,” said Martha McCaskill, a Little Rock business owner and founding member of the Arkansas coalition. “Gridlock has put too many important priorities aside. Businesses need certainty so they can plan for the long term.   Uncertainty stifles job creation and investment and holds back economic and wage growth. It’s time for action. Our coalition looks forward to educating members of Congress and residents of this state about the benefits of a pro-growth agenda.”

One of the coalition’s first priorities will be to advocate for passage of much needed comprehensive tax reform legislation. Congressman Dave Camp, Chairman of the House Ways and Means Committee, recently released a discussion draft for tax reform that “significantly lowers rates while making the tax code simpler and fairer.” In a statement, Congressman Tim Griffin (AR-02), a member of the Ways and Means Committee, recently applauded Camp for his “bold leadership” and said that Camp’s discussion draft “begins the conversation on reforming our broken tax code from top to bottom and making our system simpler, fairer and flatter.”

“America’s businesses are doing their part to drive growth and create economic opportunity, but inaction in Washington is holding them back,”  said State Representative Allen Kerr. “We appreciate Congressman Camp and Congressman Griffin for making tax reform legislation a priority.”

“Businesses all across America need Congress to act on comprehensive tax reform.  Our tax code is just too complex. We need reform that promotes fairness and stimulates economic growth.   Congress needs to stop governing from crisis to crisis and fix our tax code to make it easier for businesses to grow and create jobs,” stated Kerr.

In addition to urging passage of comprehensive tax reform, the coalition will support efforts to secure our borders and fix our broken immigration system and promote new trade opportunities for Arkansas businesses. Starting today, the coalition will start a dialogue with federal lawmakers and state residents about the economic benefits of these policies and illustrate the consequences of inaction.