To the Editor:
As a resident of Scarborough and a businessperson in our community, I want to thank Sen. Collins for her work finding compromise on the Tax Cuts and Jobs Act and encourage the senator to vote yes on the final legislation. Tax reform is critical to securing growth both in Scarborough and around the country.
Tax reform is an important element for American competitiveness. With a lower corporate rate and a simplified tax code, big and small companies alike can focus more on growing their bottom line. A tax code that is stable and predictable is crucial to making strategic business and investment decisions.
The United States has not updated its tax code in more than 30 years, and a lot has changed in that time. In order to compete with competitors from around the world, we need to be on a level playing field, and that means not paying taxes at a rate of 35 percent when the rest of the world is paying a tax rate of 22 percent on average.
Tax reform will boost the U.S. economy, create jobs and incentivize companies to invest in the future.