King, Joins Colleagues Seeking Bipartisan Approach to Tax Reform
"Comprehensive, bipartisan tax reform is long overdue, and call me an optimist, but I think the time is right to work together on this,"
The letter outlined three key policy priorities: the legislation must provide tax relief for middle-class families without new breaks for the richest one percent; the tax changes must be fiscally responsible and not endanger critical programs like Medicare, Medicaid, and
In addition to
he text of the letter is below and can be read in full HERE https://www.king.senate.gov/download/tax-reform-august-first.
Dear President Trump, Leader McConnell, and Chairman Hatch:
We are writing to express our interest in working with you on bipartisan tax reform. We are confident that, by working together, we could modernize our tax system to increase working families' wages, improve middle-class job growth, promote domestic investment, modernize our outdated business and international tax systems and put in place sound fiscal policy that raises the revenue needed to meet the needs of our country.
This letter highlights three key principles that we believe are prerequisites to any bipartisan tax reform effort.
First, we believe that tax reform should not increase the tax burden on the middle class. In addition, any reform effort should not benefit the wealthiest individuals, who have already seen outsized benefits from recent economic gains while working-class wages have remained stagnant. Treasury Secretary
Second, we believe it is crucial that tax reform legislation go through regular order and not reconciliation. Using a fast-track process like reconciliation would undoubtedly result in outsized political influence on the process and significantly hinder lawmakers' ability to close loopholes and end special interest favoritism that plagues our current tax system. As such, reconciliation is just a tool to jam through partisan short-term tax cuts that would result in economic uncertainty and instability and significantly increase our budget deficit. This stands in stark contrast to the regular order, transparent, and fiscally responsible process that allowed the 1986 tax reform to succeed and endure. Only regular order allows for a bipartisan effort and successful, lasting reform.
Third, tax reform should be focused on providing a revenue base that meets the needs of our country. Deep cuts to our corporate, individual, and other tax rates are very costly. We will not support any effort to pass deficit-financed tax cuts, which would endanger critical programs like Medicare, Medicaid,
We look forward to working together to write tax reform legislation that provides real relief for America's working families.
Read this original document at: https://www.king.senate.gov/newsroom/press-releases/king-joins-colleagues-seeking-bipartisan-approach-to-tax-reform
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