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West Virginia’s Rep. David McKinley: Tax reform necessary, but debt concerns remain

By JOSELYN KING

The Intelligencer and Wheeling News-Register

U.S. Rep. David McKinley

WHEELING, W.Va.  — Rep. David McKinley said he is concerned a tax reform package passed Thursday in Congress will increase the national debt over the next decade — but he also believes its benefits to the economy will offset that impact.

Reforming America’s tax system was needed to make the country competitive in today’s global market, McKinley, R-W.Va., said.

“The last time we had tax reform was 31 years ago,” he said. “The internet was in infancy … trade was different around the world and we didn’t have smartphones. Society has changed, so we needed to change the tax code. … It wasn’t an easy thing to do. It took some heavy lifting to bring it into the 21st century.” America’s corporate tax rate was 35 percent — the highest among industrialized nations, according to McKinley. The reform package passed Thursday drops that to 21 percent. A major problem has been American companies doing business overseas that often kept profits in foreign banks to avoid American taxation, he added.

See the entire article: http://www.theintelligencer.net/news/top-headlines/2017/12/rep-david-mckinley%E2%80%88tax-reform-necessary-but-debt-concerns-remain/

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