WASHINGTON, D.C. – U.S. Senator Joni Ernst (R-IA) today issued a statement on the framework for tax reform:
“Our loophole-ridden and outdated tax code is a prime example of how government inefficiency can negatively impact Iowans and their businesses. At 35 percent, our corporate tax rate is the highest in the developed world. For our small businesses — which make up 97 percent of all employers in Iowa — the marginal tax rate can reach as high as 44.6 percent. On top of that, business owners spend untold amounts of money and hours attempting to comply with our nonsensical tax code.
“We must ensure that this mission to reform our broken tax code focuses on relieving the burden the complicated federal tax system has placed on Iowa’s families, individuals, and small businesses. Such reform is essential to reinvigorating America’s economy. I am pleased to see this framework today and look forward to reviewing it and working with my colleagues to simplify and streamline our tax code in order to keep more hard-earned dollars in the pockets of Iowans.”