Today the U.S. House of Representatives advanced another pro-growth solution by passing The Pathway to Job Creation Through a Simpler, Fairer Tax Code Act. Following yesterday's decisive vote to stop the President's looming tax increases, today's legislation provides for expedited consideration of tax reform legislation in 2013.
After the vote, House Budget Committee Chairman Paul Ryan issued the following statement:
"Yesterday, the House took action to prevent a massive tax increase from hitting every family and small business in the county. Today, we took another step closer toward enacting common-sense tax reform, a critical component of reforms needed to get our economy growing again.
"Our tax code has become an antiquated and complex maze that stifles economic growth and job creation. The tax code is littered with special-interest loopholes that prioritize the politically connected at the expense of hardworking American taxpayers. These special interest carve outs not only disproportionately benefit the well off, but they also narrow the tax base and lead to higher marginal tax rates to make up the lost revenue.
"The President's demands for greater complexity and higher tax rates are at odds with a growing bipartisan consensus for reform that lowers rates and broadens the tax base. The House Republican budget included a framework for tax reform and I applaud Chairman Dave Camp of the Ways and Means Committee for his leadership on this front. With the right leadership in the White House, I have no doubt we will reform the tax code to make it fair, simple, and geared toward creating jobs and increasing economic growth."