Trump tax proposal a good start

As a business owner and taxpayer, I was encouraged to watch President Trump announce a plan to reform the federal corporate tax system. Missourians should be honored he chose our state to make this announcement.

American businesses -- large and small -- have to pay much more in taxes than the global average. Thirty-five percent of Missouri business profits go to the federal government, making it difficult to invest in business opportunities that create jobs. This puts us at a disadvantage, as companies in countries with more business-friendly rates can grow much faster, while offering their goods at a lower price because of lower overhead from lower taxes.

Reducing the tax rate to a more reasonable, competitive level will help create jobs and encourage economic growth.

Of course, federal tax reform is not the end -- Missouri would benefit from reforming our state tax system, as well. One need only look to states such as North Carolina or Texas to see the economic advantage when a state reduces or eliminates income taxes. North Carolina has enjoyed enormous economic gains, significant reduction in unemployment rates and state budget surpluses since reforming and reducing its income tax rate. Texas boasts some of the best economic conditions in the country with no income tax.

I can only hope that our state and federal lawmakers quickly get to work on legislation that will make state and federal tax reform a reality. Tax reform can make a huge difference for our economy.

STAN CRADER, Jackson