COMMITTEE on WAYS and MEANS

Chairman Dave Camp

Print this Page The Tax Tracker

What They’re Saying About Tax Reform in the House Republican Budget Resolution

f t # e
Washington, Mar 22, 2012 | comments

This week, House Republicans released their budget resolution, which was approved by the Budget Committee yesterday.  The budget resolution includes a proposal to implement comprehensive tax reform that:

  1. Consolidates the current six individual income tax brackets into just two brackets of 10 and 25 percent;
  2. Repeals the Alternative Minimum Tax, which currently threatens 31 million middle-class families with higher taxes; and
  3. Reduces the corporate rate to 25 percent and moves the U.S. from a “worldwide” to a “territorial” tax system that puts American companies and their workers on a level playing field with foreign competitors and encourages investment and hiring here at home.

A Wall Street Journal editorial commented that the plan “creates a tax system far more conducive to faster job creation and greater investment.”  That is certainly true, and those sentiments are echoed by job creators and free market advocates across the nation.

National Association of Manufacturers (NAM)
:
“Manufacturers have consistently said that the federal budget is an opportunity to lead.  The budget proposed today offers fiscally responsible tax policy that spurs growth and job creation.”

National Retail Federation (NRF)
:
“The National Retail Federation welcomed tax reform provisions included in a budget proposal released today by House Republicans, saying the plan shows bipartisan support is building for tax reform that would boost the economy and help create jobs.”

National Federation of Independent Business (NFIB)
:
“By simplifying the tax code, eliminating the Alternative Minimum Tax and creating two new individual tax brackets at 10% and 25%, the Ryan budget is helping small-business owners to get back on their feet.  This focus on individual rates will help job creators more clearly predict their tax burden going forward, allowing them to focus more on growing their business and helping the economy.”

National Roofing Contractors Association (NRCA)
:
“Unless steps are taken to reform the tax code on a comprehensive basis, businesses will lack the certainty and financial strength needed to flourish.  NRCA calls on Congress to adopt pro-growth policies like the Ryan budget that will allow businesses, regardless of their size or structure, to grow and create jobs.”

Reducing America’s Taxes Equitably (RATE)
:
“Lowering the corporate income tax provides a real opportunity for bi-partisan cooperation on an issue that is critical to the competitiveness of our economy.”

Americans for Tax Reform (ATR)
:
“There are lots of good spending cuts and reforms at its heart, but there's also a great, pro-growth tax plan Congressman Ryan developed with the House Ways and Means Committee which should not be overlooked.”
 
The Heritage Foundation
:
“[The] budget lays out substantive policy choices, cutting spending, reforming entitlements, and avoiding tax hikes.  It also outlines a tax reform that would strengthen the economy and by implication further strengthen government finances through organic revenue growth.  It represents real progress toward tackling the nation’s fiscal and economic challenges.”

###

f t # e