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WASHINGTON, DC – House Democratic Whip Steny Hoyer, a leading proponent of tax reform in the House, released the following statement today regarding a hearing on business tax reform proposals held today by the President’s Advisory Panel on Federal Tax Reform:
“I commend the Advisory Panel for taking testimony today on possible business tax reform proposals. It is imperative that any federal tax reform proposals considered by the Congress include measures to make our business tax laws fairer, simpler and more efficient.
“We need to simplify tax rules for main street businesses and entrepreneurs who bear the greatest tax compliance burden. For example, we must consider overhauling the corporate income tax, which has become riddled with loopholes that shift the remaining tax burden on small businesses, and focus on eliminating tax breaks that encourage American companies to move jobs overseas rather than create jobs here at home.
“Many of the largest corporations pay no tax at all by using complicated international tax laws to their favor. Small businesses, the primary generator of jobs for the economy, play by the rules and get punished for it.
“We should reject a national sales tax proposal which would increase costs on consumers on the price of everything from food, to houses, to cars, and to health care, nearly 50 percent. These proposals are not good for the middle class, and continue to shift more of the tax burden away from the wealthiest Americans and to the middle class.
“The Advisory Panel has an extremely difficult task because virtually any proposal that it offers will be met with opposition by individuals or businesses that will be affected. Democrats have been very clear from the beginning of this process that we favor tax reforms that make our tax laws simpler, fairer and more efficient.
“I believe that tax reform is a critical issue facing this nation, and I look forward to hearing the Panel’s recommendations. I urge the President to fully engage and exert his leadership on this issue. Without concerted Presidential leadership, I believe the prospects for real tax reform are dim.”