GOP Governor Chris Sununu: Pro-Growth Tax Reform Will Reinvigorate State Economies

In a new Boston Globe op-ed, New Hampshire’s GOP Governor Chris Sununu makes the case for passing pro-growth tax reform, highlighting how it would boost state economies and “end the notion that the federal government should pick winners and losers through tax policy.”

Governor Sununu writes in the Boston Globe:

“The New Hampshire economy, like that of other states in New England, is built around small business. They are the backbone of American enterprise and the jobs engine of our country. Unfortunately, our current federal tax code has become overly burdensome while discouraging economic growth. More important, it has caused our citizens and job creators to lose confidence in our system. The president understands this, which is why he is prioritizing critical tax reform. We can and must do better for our people, our communities, and for the businesses that power our economy.

With an absence of real tax reform, too many barriers exist to put American businesses back on a sustainable path that will generate better wages for individuals and families. A successful tax reform plan would, first and foremost, simplify the tax code with lower rates, and create fewer brackets. We need to reduce the massive number of deductions and exemptions that create complex loopholes. Tax reform will grow America’s economy and end the notion that the federal government should pick winners and losers through tax policy. We need a tax plan that finally focuses on fairness and puts everyone on an equal playing field. It should put more money in the hands of our citizens, who are far better stewards of their money than bureaucrats in Washington.

While many large businesses pay a substantially lower rate through the various avoidance strategies in the federal tax code, small businesses fare substantially worse. This is particularly true for S corporations, which pay corporate tax at the individual rate, meaning that many New England small businesses pay a crushing tax rate. Needless to say, this stifles job growth, innovation, and overall competitiveness, not only through the lack of access to capital, but also due to the opportunity costs of dealing with such a high marginal rate…

It is vital that Congress move forward on significant comprehensive tax reform immediately. We have worked diligently in New Hampshire to ease the burden of taxes at the state level; and now it’s time for the federal government to do the same. This is a key opportunity to craft bold tax reform that tilts the balance of power back from Washington to the American people. Through pro-growth initiatives, Congress can fulfill a commitment they made to the American people to provide tax relief that boosts our economy and returns money to everyone’s pocket.”