Young calls for tax code overhaul, congressional votes on costly regulations

U.S. Rep. Todd Young (R-IN) called for an overhaul of the nation’s tax code and congressional approval of federal rules in an op-ed published on Saturday.

Young, a member of the House Ways and Means Committee, wrote in an op-ed published by the Indianapolis Business Journal that he has worked to roll back taxes on manufacturers and tax increases imposed under the Affordable Care Act.

“However, these successes alone cannot re-create the hospitable business climate that once made the United States the most attractive place in the world to grow a company,” Young wrote. “That’s why I continue to ardently call for a complete overhaul of the tax code to reduce rates for as many Americans as possible. We know that, in a healthy economy, businesses need access to labor, yet the federal government makes it more expensive to employ people.”

Manufacturers also need access to capital and markets, Young wrote, but “significant regulatory barriers” have made it more difficult to do business in America.”

“When I was first appointed to the Ways and Means Committee, we were two years into President Obama’s policy of trying to spend our way out of recession,” Young wrote. “Fallout from sweeping legislation enacted by the then-Democrat-controlled Congress (think Affordable Care Act and Dodd-Frank) resulted in higher taxes, limited access to capital, and restrictive mandates on labor. Today, the government’s involvement in day-to-day business is at an all-time high.”

Complex federal regulations have put U.S. manufacturers at a disadvantage in the global marketplace, Young added, and federal agencies rarely eliminate unnecessary regulations.

“That’s why I’ve introduced the REINS Act, which would require federal agencies to do a comprehensive cost-benefit analysis of their work,” Young wrote. “Any regulation with a major economic impact would then have to come before Congress for an up-or-down vote. Many of the Obama administration’s most unpopular regulations, such as the EPA’s Clean Power Plan or Obamacare’s many mandates, would likely never have been proposed if first required to pass Congress.”

The REINS Act, which has already been approved by the House of Representatives, would restore the limits of government and bring about needed systematic changes, Young wrote.

“When manufacturing is moved offshore, arguments tend to revolve around blame. It’s easy to point fingers, especially in instances where jobs are lost,” Young concluded. “Yet, we must recognize there are legitimate grievances on both sides. What we cannot do is let these grievances serve as a proxy for addressing the economic challenges that drive U.S. manufacturing overseas. If we agree to focus on the root causes of the outsourcing trend, we can reverse course and create a better economic environment for all.”