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Pathway to Job Creation Through a Simpler, Fairer Tax Code Act of 2012

Floor Speech

By:
Date:
Location: Washington, DC

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Ms. RICHARDSON. Mr. Speaker, I rise in opposition to H.R. 6169, the Pathway to Job Creation through a Simpler, Fairer Tax Code Act. This bill will allow for expedited consideration of a bill that lays out tax reform.

Mr. Speaker, this bill lays out a schedule for an early introduction and swift markup and consideration of a tax reform bill in the 113th Congress. While this would be effective in ensuring that a bill gets passed in a reasonable amount of time, the expedited consideration provided in H.R. 6169 only applies to tax reform bills that contain certain key components.

One requirement for this tax reform bill is that it consolidates the current six individual tax brackets into two brackets of 10 and 25 percent. This provision would allow for an additional $331,000 tax cut for the average millionaire, while American families earning less than $200,000 would see their taxes increase by an average of $4,500. For the sake of reducing rates for the wealthy, this tax reform bill would vastly curtail tax provisions that benefit the middle class.

Another required component of the future tax reform bill is a reduction of the corporate tax rate to 25 percent. In order to achieve such a significant reduction, this plan would require eliminating every provision in our current tax code that encourages domestic job creation, investment, and innovation.

My Republican colleagues assert that this component of the legislation will create jobs by allowing corporations to hold onto a larger portion of their profit. However, this new tax code would provide no incentive to purely domestic businesses or investors, and would result in an increase in the off-shoring of jobs and income. This will stifle our country's economic recovery, and contribute to a continually high unemployment rate.

Mr. Speaker, not only will the proposed requirements of this future tax reform bill unfairly benefit wealthy households and corporations, it will plunge the United States deeper into a budget deficit. If my colleagues across the aisle are so committed to reducing our nation's debt, they should be working on bipartisan legislation to promote progressive and productive tax reform. Instead, they have introduced a H.R. 6169, which expedites future handouts to corporations and the wealthy under the guise of tax reform.

Mr. Speaker, I look forward to getting the opportunity to vote for true, progressive tax reform when it is brought to the House floor. Until then, I urge my colleagues to join me in continuing to oppose attempts to unfairly burden America's working class, now and in the future.

Thank you. I yield the balance of my time.

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