Bipartisan support for comprehensive tax reform grew today as U.S. Senators Ron Wyden (D-Ore.) and Judd Gregg (R-NH) welcomed U.S. Senators Bob Bennett (R-Utah) and Mark Begich (D-AK) as co-sponsors of the "Bipartisan Tax Fairness and Simplification Act of 2010" (S.3018). As the first major bipartisan effort to reform the tax code since 1986, Wyden-Gregg takes a comprehensive approach to reforming the tangled web of exemptions, deductions, credits and other preferences that currently clutter the U.S. tax code in order to create a simpler and fairer system that will lower taxes for working families while helping American businesses create more jobs.
"We are very excited to have Senators Bennett and Begich join us in demonstrating that not only can the Senate avoid a partisan showdown over the expiring 2001/2003 tax cuts, but that Democrats and Republicans can come together behind legislation that will make the tax code simpler and fairer for American families and businesses," said Senators Wyden and Gregg. "Our approach replaces tax breaks for special interest groups with common-sense tax relief for working families while establishing a flat 24% corporate rate to help American businesses compete in the global market and create jobs here at home."
"For far too long our overly-complex tax code has hindered economic growth and jeopardized the competitiveness of American businesses in the global economy," said Bennett. "The changes proposed in this legislation are a good start to revamping our tax system so that it promotes, rather than stifles economic prosperity."
"This tax reform bill takes the tax code out of the hands of special interests and puts it back in the hands of the people," Sen. Begich said. "It's focused on helping the middle class, simplifies the rate structure, reduces the deficit and gets rid of a nightmare of paperwork. Untangling the web of the IRS has long been a priority for me, and I look forward to moving this forward to help Alaskans and other Americans."
* A recent analysis done by the Tax Policy Center found that Wyden-Gregg would make the tax code more progressive than current law, ensuring tax relief for most families making up to $200,000. http://www.taxpolicycenter.org/publications/url.cfm?ID=412098
* A recent report put out by the Heritage Foundation predicts that Wyden-Gregg could cut the federal deficit by an average of $61 billion a year while creating an annual 2.3 million more jobs for Americans. http://www.heritage.org/Research/Reports/2010/05/How-Wyden-Gregg-Tax-Reform-Proposal-Affects-Taxpayers-and-Economy
* Similarly, the Manufacturers Alliance recently published a paper that concludes Wyden-Gregg would "create nearly two million jobs on a net basis and add an extra $500 billion to GDP by 2015.' The Alliance also found that, taking into account the positive impact of Wyden-Gregg on the economy and the budget, Wyden-Gregg would reduce the debt $1.2 trillion over the coming decade. http://www.mapi.net/MediaCenter/news/Lists/Posts/Post.aspx?ID=166
For more details on the "Bipartisan Tax Fairness and Simplification act of 2010, visit: http://wyden.senate.gov and http://gregg.senate.gov.