WASHINGTON, D.C. – Tax Policy Subcommittee Chairman Charles Boustany (R-LA) today delivered the following opening statement at a hearing regarding legislative proposals for reforming our current income tax system. This is the second in a series of hearings entitled “Fundamental Tax Reform Proposals.”
Remarks as prepared for delivery:
“Today the Subcommittee will hold the second in a series of hearings to focus on fundamental tax reform. At our last hearing, we concentrated on Member proposals that would reform the U.S. tax system by moving away from income-based taxation to cash-flow or consumption as the basis for taxation. This afternoon, we will look at tax reform proposals within the context of an income tax system.
“We are honored to have two of our esteemed colleagues here to testify about bills they have developed to reform our current income-tax system – reforms that fundamentally change our complex, unfair, and outdated tax code to make it more conducive to economic growth. These are important ideas, and our colleagues have invested time and energy to develop and put them forward. I appreciate the seriousness of their commitment to advancing a pro-growth tax system for the 21st century.
“We are also fortunate to have a second panel with Tom Barthold, Chief of Staff of the Joint Committee on Taxation. Mr. Barthold will help us explore key considerations in broad-based tax reform. He will use our former Chairman Dave Camp’s tax reform plan as an illustration of the kinds of choices that must be made in fundamental income tax reform. I know that discussion will be very beneficial to the Subcommittee.
“Our hearing today is particularly timely given that the deadline for individuals to file their tax returns is fast approaching. This year is a bit unusual. Because of the calendar, tax day is officially April 18th, which gives taxpayers a few more days to complete their annual tax filing obligation. But even that extra weekend is cold comfort when faced with all the forms, schedules, worksheets and special rules that make up our broken tax code. Tax reform should minimize the burden on American taxpayers, so the billions of hours and tens of billions of dollars they spend on tax compliance today can be freed up and dedicated to creating a growing, vibrant economy.
“As I said at our first hearing last month, our efforts on tax reform require that we take a fresh look and consider all ideas and proposals – including those being presented today. Ultimately, the Ways and Means Committee must weave the most pro-growth concepts and ideas into a bold plan that fundamentally and comprehensively reforms our tax system.
“This hearing continues that effort, and the Subcommittee will continue to solicit and evaluate all ideas as we will build consensus for a path forward.
“Thank you again to each of our witnesses for taking time from your busy schedules to be with us today. We look forward to hearing about your bold proposals.”