At today’s Senate Budget Committee hearing, Senator Murray described the House Republican approach to tax reform, explaining that House Ways and Means Chairman Camp (R-MI) proposes putting every dollar of savings back into lower tax rates, primarily for those at the top—without investing a penny in boosting our economy or tackling our budget challenges.
Senator Murray noted that the House Republican Budget being debated this week goes a step further, by lowering the top tax rate so much that, according to an independent study of a similar proposal, middle income families would end up paying higher taxes.
Excerpts of Senator Murray’s remarks are below, and the full text is available here.
“…it’s very clear that tax reform that doesn’t ask the wealthiest Americans and biggest corporations to pay their fair share is simply fiscally irresponsible.
And every bipartisan group that has examined our budget situation has reached the same conclusion.
Now, I know that many of my Republican colleagues prefer a different approach.
Chairman Camp’s recent tax reform proposal would put every dollar of savings back into lower rates, primarily for corporations and those at the top of the income scale, and would protect the wealthiest Americans and biggest corporations from paying their fair share toward reducing our deficit and boosting the economy.
The House Republican Budget being debated this week would do all of this as well—but it goes a step further.
Their budget would push the top tax rate down to 25 percent, which means middle class families would have to pick up the tab for new tax cuts for the rich.
Giving tax breaks to millionaires while doing nothing to help working families keep more of their hard earned income is not only wrong-headed in terms of our budget, it’s also deeply unfair to families across the country who are up against a decades-long trend of rising costs and stagnant wages.