U.S. Rep. Mike Thompson (CA-1), a senior member of the House Committee on Ways and Means today released the following statement after a new Joint Committee on Taxation report showed that eliminating all of the itemized deductions in the tax code would only generate enough savings to reduce marginal tax rates by only 4 percent.
The report highlights how the House Majority's tax plan -- which calls for much deeper cuts in tax rates, to be offset by eliminating or reducing tax expenditures -- would end up either harming middle- and lower-income families or blowing an even deeper hole in the deficit.
Thompson: "The Republicans' tax plan simply does not add up. The nonpartisan congressional tax scorekeepers have run the numbers and it shows there are only two ways their plan can work: it will raise taxes on middle class families, or it will further explode the deficit. Neither option is acceptable. We need a tax reform plan that is balanced, focused on job creation, makes smart cuts and asks everyone to pay their fair share."