Good morning and thank you for joining us for our subcommittee hearing on dynamic analysis of Chairman Camp’s tax reform discussion draft, the Tax Reform Act of 2014.
Today we examine the discussion draft of the Tax Reform Act of 2014, released by Chairman Camp in February. The draft attempts to overhaul the tax code to create one that is simpler, fairer, and more pro-growth.
I applaud Chairman Camp for his work on the draft and for working to fix our broken tax code to strengthen the economy, help employers create more jobs and increase wages for American families.
An important goal for any tax reform plan is economic growth, and the Joint Committee on Taxation for the first time provided a dynamic analysis of tax legislation, where it found that the draft would increase GDP by as much as $3.4 trillion and would create nearly 2 million private sector jobs.
Chairman Camp requested feedback on the draft, on the JCT analysis, on economic modeling generally, and on how to treat dynamic revenue that results from a macroeconomic analysis of the discussion draft. I’m pleased that so many stakeholders and economists have offered feedback thus far, and during this hearing we intend to examine some of that feedback relating to dynamic analyses.
The Tax Reform Act is a huge, important step forward in creating a better tax code for individuals and businesses. But that’s not to say it can’t be improved, and that’s why Chairman Camp released this as a discussion draft: to gather feedback from stakeholders and experts in a public and transparent manner. I’m looking forward to a great bipartisan discussion today.