When Secretary of the Treasury Jack Lew testified today at the Ways and Means Committee about the President’s FY 2017 budget, there was bipartisan agreement that Washington must move forward on pro-growth tax reform and help America’s job creators compete overseas.
Secretary Lew himself acknowledged:
“The best way to stop inversions is to reform our business tax code.”
Tax Subcommittee Chairman Charles Boustany (R-LA) called on Secretary Lew to commit to working with the Committee on international tax reform and said:
“What we need is international tax policy that’s going to promote economic growth, competitiveness and innovation – and that’s what we are going to be working on.”
Throughout the hearing, members of the Committee also explained how the President’s request for trillions of dollars in higher taxes and spending would make life even more expensive for the American people. As Chairman Brady (R-TX) said:
“For another fiscal year, his extremely liberal budget is focused on growing Washington – not growing our economy.”
Budget Committee Chairman Tom Price (R-GA) highlighted the historic price tag of this budget and said it is:
“the first budget by a President that’s over $4 trillion.”
Congresswoman Lynn Jenkins (R-KS) pointed out how President Obama’s budget never balances and said:
“The problem here is the people in Kansas are sitting there running their businesses and their personal finances. They have to balance their budget, and they can’t for the life of them figure out why we can’t do the same here in Washington.”
Chairman Brady also told Secretary Lew that the President’s plan to increase the cost of gasoline by 25 cents a gallon is dead on arrival in this Congress.
“It is going nowhere – fast.”
And Chairman Boustany pointed out this new gas tax would:
“Hit the producers, hit the refiners — and the American consumer will pay the price.”
Members also spoke out against President Obama’s plan to impose significant new taxes on small businesses by expanding the net investment income tax to all small business income. As Trade Subcommittee Chairman Dave Reichert (R-WA) said:
“Mr. Secretary, I and the small businesses in this country would like for you to explain to me how raising taxes on small businesses helps the American economy grow, helps small businesses grow and helps create jobs.”
Instead of moving forward with President Obama’s massive budget, Ways and Means members will continue to take action on a pro-growth agenda that will help create jobs, increase paychecks, and expand opportunities for all Americans.