Today I voted against H.R. 6169, a bill that lays the groundwork for a new, more regressive tax system.
The bill creates a fast track for the Chairman of the House Ways and Means Committee to single-handedly write and bring to the floor legislation that fundamentally alters our tax code. To comply with H.R. 6169, that legislation must replace our current tax brackets with a 10 percent and a 25 percent bracket and reduce corporate tax rates to less than 25 percent. The estimated cost of these changes will be $4.3 trillion over the next 10 years. Needless to say, we cannot afford to add trillions to our debt to pay for tax cuts that would overwhelmingly benefit wealthy individuals and corporations.
As an alternative to H.R. 6169 I voted for legislation that lays the groundwork for tax reform that retains progressive rates, repeals the Alternative Minimum Tax, discourages tax haven abuse, and encourage domestic job creation.
Like the proponents of H.R. 6169, I hope that the next Congress will take up legislation that simplifies our tax code. Unfortunately, this legislation stacks the deck in favor of the wealthy while blowing a hole in our deficit. H.R. 6169 passed the House by a vote of 232-188 and is not expected to pass the Senate.