Congressman Dennis A. Ross released the following statement on his effort to spur the discussion on tax reform:
"The closing weeks of the 112th Congress represent a perfect opportunity for our nation's leaders to tackle deficit reduction and tax reform. I am encouraging my colleagues to use the legislation that I introduced months before the election as a framework to get the ball rolling on substantive tax reform. It is crucial that we get rid of loopholes and wasteful deductions in the Tax Code in order to promote economic growth and efficiency, without government picking winners and losers."
Congressman Ross continued, "The results of last week's election do not mean that the American people support the status quo of gridlock and partisan hackery in Washington. I believe there is a unique chance for lawmakers to increase revenue and decrease wasteful spending while promoting sustainable economic growth. The Simpson-Bowles Commission gave policy makers an excellent blueprint for cutting our deficit and reforming our byzantine tax structure. My bill implements exactly those types of bipartisan reforms. I hope the President and Congress will take a look at this legislation and that we can work together during the "Lame Duck' session to resolve these issues."
Some key points of the bill:
Reduces expenditures for the White House and Congress
Reduces individual and corporate rates,
Repeals alternative minimum tax on individuals
Eliminates wasteful tax expenditures, some with a five-year phase-out