WASHINGTON, D.C.- Tax Policy Subcommittee Chairman Charles Boustany (R-LA) today announced the witnesses for the upcoming Member Day hearing on Fundamental Tax Reform Proposals. Representatives Devin Nunes (R-CA), Michael Burgess (R-TX), and Rob Woodall (R-GA) will testify before the Subcommittee on their tax reform bills. This hearing is focused on legislative proposals that would move to a cash-flow or consumption-based approach to taxation.
Upon announcing the witnesses, Chairman Boustany said:
“I’m delighted three of my colleagues are testifying before the Tax Policy Subcommittee on their bold plans for fundamental tax reform. This hearing will be a showcase of ideas and philosophies to ensure the Ways and Means Committee considers all approaches as we continue our work on comprehensive tax reform to grow our economy.”
Ways and Means Committee Chairman Kevin Brady (R-TX) added:
“Representatives Woodall, Nunes, Burgess, and other members across our conference have excellent pro-growth ideas about the best way to reform our broken tax code. Our hearing gives supporters of the FairTax, ABC Act, and Flat Tax the unprecedented opportunity to explain exactly how their proposals will help the American people. Each of these proposals has merit and I’m looking forward to their testimony.”
Rep. Devin Nunes (R-CA), a member of the Ways and Means Committee, will testify in support of his bill, H.R. 4377, the American Business Competitiveness (ABC) Act of 2015. This proposal would tax a business based on its actual cash-flow instead of its income.
Rep. Michael Burgess (R-TX) will discuss the merits of his bill, H.R. 1040, the Flat Tax Act. This proposal gives businesses and individuals the choice to opt-in to a 17% flat tax and to be taxed on a cash-flow basis for business activities.
Rep. Robert Woodall (R-GA) will speak in support of his bill, H.R. 25, the FairTax Act of 2015. This proposal would repeal all federal income, payroll and withholding, and estate and gift taxes. The taxes would be replaced with a national sales tax on gross payments of taxable property or services.
For more information on the Tax Policy Subcommittee hearing, click here.