Congressman Looks Forward to Continuing the Debate He Started in 2007
WASHINGTON, DC – Congressman Charles Rangel called for bipartisan effort in improving the nation's corporate tax system during Thursday's meeting of the Ways and Means Committee, the first in a series of hearings on fundamental tax reform that are expected to take place throughout the 112th Congress.
“I look forward to working with Chairman David Camp (R-Mich.), Ranking Member Sandy Levin (D-Mich.) and the rest of my Committee colleagues to simplify our tax system and develop a fair system," Rangel said. "It has been 25 years since the last tax reform in 1986, and the tax code has clearly become too complicated and outdated.
"What we urgently need is a tax system that will help create jobs and help promote economic growth in our country. That starts with reducing corporate tax rate to keep American businesses competitive in the global economy,” the Congressman added.
Rangel previously introduced the Tax Reduction and Reform Act of 2007, a wide-ranging tax bill that proposed to deliver tax cuts for millions of Americans, while reducing taxes for Americans businesses. It was the most comprehensive proposal for reform of the U.S. tax code since the Tax Reform Act of 1986.
Thursday’s hearing was a continuation of the conversation begun by Rangel with his tax reform proposal.
“Currently, one company’s loophole is another company’s incentive. In order to lower the corporate tax rates, we have to modify the deductions that are currently in the tax code,” Rangel said during the hearing. “We may find it difficult at times to work across the aisle, but we will work hard together to tackle this problem because when our companies thrive, it benefits the American people as well.”
Congressman Rangel plans to introduce legislation again that would further reduce the corporate tax rate to improve global competitiveness and make the tax code simpler and fairer.
“I look forward to working with Chairman David Camp (R-Mich.), Ranking Member Sandy Levin (D-Mich.) and the rest of my Committee colleagues to simplify our tax system and develop a fair system," Rangel said. "It has been 25 years since the last tax reform in 1986, and the tax code has clearly become too complicated and outdated.
"What we urgently need is a tax system that will help create jobs and help promote economic growth in our country. That starts with reducing corporate tax rate to keep American businesses competitive in the global economy,” the Congressman added.
Rangel previously introduced the Tax Reduction and Reform Act of 2007, a wide-ranging tax bill that proposed to deliver tax cuts for millions of Americans, while reducing taxes for Americans businesses. It was the most comprehensive proposal for reform of the U.S. tax code since the Tax Reform Act of 1986.
Thursday’s hearing was a continuation of the conversation begun by Rangel with his tax reform proposal.
“Currently, one company’s loophole is another company’s incentive. In order to lower the corporate tax rates, we have to modify the deductions that are currently in the tax code,” Rangel said during the hearing. “We may find it difficult at times to work across the aisle, but we will work hard together to tackle this problem because when our companies thrive, it benefits the American people as well.”
Congressman Rangel plans to introduce legislation again that would further reduce the corporate tax rate to improve global competitiveness and make the tax code simpler and fairer.
