“Today is a bright day for all American taxpayers who’ve been waiting for a fairer, less complex, and less costly tax code. After countless debates, dozens of bipartisan hearings, and nearly three decades of delay, the ball is finally rolling toward serious pro-growth tax reform and that is a milestone over which to be both relieved and optimistic.
“For far too long our country has been held back by its own outdated, 70,000-page tax code. It is simply outrageous that the code by which we live – the Bible – is currently dwarfed by the code by which we are taxed. In fact, the American people are currently spending more than 6 billion hours filing their taxes and nearly $170 billion just to comply with needlessly confusing tax rules every single year. Meanwhile, our business tax rates are keeping new jobs from being created here at home and forcing more companies to stay overseas. This is downright unacceptable, and to do nothing is to endorse this unfair and unaffordable status quo.
“The debate and discussion about tax reform’s ultimate form will continue to play out beyond today. I look forward to both participating in that process and listening to feedback – especially from my constituents in Western Pennsylvania – about how we can build on today’s first draft. One thing is clear right now: a simpler tax code will mean a stronger economy, which in turn will mean new jobs, higher pay, and more money in the pockets of American families and workers. This is an outcome our country deserves and is worth fighting to realize.
“Along with the rest of my colleagues on the Ways and Means Committee, I strongly commend Chairman Camp for producing today’s discussion draft. His dedicated leadership has paved the way for tax reform to finally become a reality and will continue to be vital through the work we have ahead.”
NOTE: Based on analysis by the independent, non-partisan Joint Committee on Taxation (JCT), without increasing the budget deficit, the Tax Reform Act of 2014 would create up to 1.8 million new private sector jobs; allow roughly 95 percent of tax-filers to get the lowest possible tax rate by simply claiming the standard deduction (no longer necessary to itemize and track receipts); and increase Gross Domestic Product (GDP) by up to $3.4 trillion (the equivalent of 20 percent of today’s economy). Based on Ways and Means Committee calculations using data provided by JCT, an average middle-income family of four could retain an additional $1,300 per year.
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