U.S. Rep. Todd Rokita (IN-4) today voted in support of H.R. 6169, a bill that creates a path for the expedited consideration of pro-growth tax reform in the 113th Congress, which begins in January. The bill passed the House on a 232-189 vote.
"What we've done this week in the House is show the way forward for fixing our broken, complicated, unfair tax code. Yesterday, we passed a bill to stop the tax hike that threatens to hit families and small businesses at the end of the year. And today, we've passed a plan that will help us execute serious, fundamental tax reform before the end of the next Congress," said Rokita.
Yesterday, Rokita voted in support as the House passed the Job Protection and Recession Prevention Act, which would extend all current tax rates and prevent an increase of nearly $3,300 per tax return for residents of Indiana's 4th District.
The bill passed by the House today would fast-track tax reform that:
- consolidates the number of income tax code brackets from 6 to not more than 2
- reduces the corporate tax rate to 25% or less (compared to 35% currently)
- repeals the Alternative Minimum Tax
- maintains revenue of between 18% and 19% of GDP
- moves from a "worldwide" to a "territorial" system of taxation
Under this expedited process, tax reform legislation would be able to move through the Ways and Means Committee and the full House by June of 2013, and would then proceed to the Senate for consideration within a limited amount of time.