Hearing of the House Ways and Means Committee - Markup of Select, Unpaid-for Tax Provisions

Hearing

It was nice to see our Chairman on Meet the Press Sunday indicating that he wanted to work with the Administration, and with us, to find common ground on common aspects of tax reform this year. Areas where we can agree.

This approach to tax reform is broadly welcomed by those of us on this Committee because it is vital to the success of tax reform.

So this mark-up is therefore unfortunate and seems contrary to the approach of finding common ground.

In the Tax Reform Act of 2014, Chairman Camp undertook a comprehensive consideration of the more than 50 tax provisions that expired at the end of last year. Instead, with these bills the Majority has chosen to take a pick-and-choose approach to tax extenders, without any regard for paying the tens of billions of dollars these provisions cost to make permanent.

After setting aside the comprehensive tax reform proposal by Chairman Camp last year, Republicans pursued the course being followed again today only to be met by strong opposition from House Democrats and the Obama Administration. The price tag of the 14 permanent extensions Republicans passed out of Committee last year added up to $825 billion.

The provisions being considered today are important, and many have broad support. Indeed, I have been the original sponsor of the food inventory deduction in past Congresses. But extending them permanently without paying for their cost would add nearly $100 billion to the deficit.

Worse, the helter-skelter approach being taken today only serves to leave behind vital provisions that help hardworking American families, like the expansion of the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit.

We stand ready to work with the Majority on tax reform and we very much hope we can get back on the track described by Chairman Ryan and try to find common areas for agreement that move us toward our goal of improving the tax code for which this Committee has responsibility.

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