Washington, DC – Ways and Means Ranking Member Dave Camp (R-MI) today issued the following statement in reaction to reports about the President’s latest tax proposals:
“A permanent R&D credit is long overdue and full expensing is a serious proposal Congress should consider. However, we have to ask: Would any benefit from these be outweighed by the tax increases the President is expected to propose along with them? Raising taxes to cut taxes is at best a zero sum game that will not improve our economy or the job market and is particularly disappointing in light of the billions of dollars of wasteful stimulus spending that could be cut instead.
“Neither R&D nor expensing addresses the most urgent tax issue facing the country – a $3.8 trillion tax hike that kicks in on January 1 that will be especially punishing for seniors and small businesses. Democrats in Washington have ignored this tax hike for the past four years – putting family budgets and our economy at risk. If Democrats in Washington want to finally talk about taxes I suggest we first start with eliminating this massive, job-killing tax hike Americans are already facing.”
Editor’s Note: For more information about the Democrats’ $3.8 billion tax hike, see Part I of the series of tax reports prepared by the Ways and Means Republican Staff for an overview, Part II for examples of how it will affect typical taxpayers, Part III for the specific impact on middle-class families, Part IV for how it will affect senior citizens and Part V for how the tax increase will affect small businesses.