Washington, DC – In a bipartisan and bicameral effort to bring job creation to the forefront of the tax reform debate for American businesses and families, Senate Finance Committee Chairman Max Baucus (D-MT) and Ways and Means Committee Chairman Dave Camp (R-MI) issued statements today following the organizational meeting of the Joint Committee on Taxation (JCT). During the meeting the two Chairmen, whose respective committees oversee the development of tax policy in Congress, instructed the Joint Committee to continue its work on tax reform and undertake specific research that will help advance the ability of the Congress to enact comprehensive tax reform that will lower tax rates and broaden the base, reduce complexity, and promote job creation.
Speaking on the direction provided to the Joint Committee, Chairman Camp, who will serve as Chair of JCT for the first session of the 112th Congress, made the following statement:
“There is no doubt that today’s tax code is too complex, too costly and takes too much time to comply with. Add to that the unpleasant reality that America will soon have the highest corporate tax rate in the world, and it is no wonder that the current economic recovery has been far more muted than in past recoveries. But to assume that corporate reform alone will provide the spark necessary to jumpstart our economy would be a mistake. Congress must take a comprehensive approach to tax reform so that we address the needs of all job creators – big and small. I look forward to using this additional research to identify the pathways to the tax policies that promote the job creation our country needs.”
Chairman Baucus said, “Our tax code should maximize job creation and widespread economic growth. As we work together to simplify the tax code and make it more fair and competitive, we need to be armed with the data showing the impact of potential changes to the code. This analysis will help us work together to improve our tax code so it helps put Americans back to work and ensures our long-term prosperity.”