Republicans, Norquist Call For Revenue Neutral Tax Reform

With April 15, otherwise known as Tax Day, approaching, GOP lawmakers and lower tax advocates gathered on Capitol Hill to urge for a change in America's tax code in light of the new tax increases featured within President Obama's FY 2014 budget.
Photo/Charlotte Gibson

Photo/Charlotte Gibson

By Charlotte Gibson

With April 15, otherwise known as Tax Day, approaching, GOP lawmakers and lower tax advocates gathered on Capitol Hill to urge for a change in America’s tax code.

Those who spoke criticized President Obama’s FY 2014 budget for including new tax increases.

Grover Norquist, President of Americans for Tax Reform, alongside House Majority Leader Eric Cantor (R-Va) and other GOP members, called on Republicans to re-commit themselves to tax reform this year. Doing so by reducing rates and expenditures, they said, would produce economic growth and opportunity in America’s economy .

“We have an opportunity this year to reform the tax code to make it simpler and fairer for our working families,” said Cantor, “We as Republicans disagree that we ought to take more out of the pockets and checking accounts of the people who earn the money.”

Rep. Kevin Brady (R-Texas) said the House Ways and Means Committee, of which he is a member, will introduce legislation this year aimed at tweaking the tax code this year. “America’s tax code is broken and now is the time to fix it,” Brady said. “The tax code is unfair to families, it is riddled with loopholes, it’s complicated and it is a drag to America’s economy.”

According to Americans for Tax Reform, the new tax increases in Obama’s budget will increase revenues by nearly $1 trillion over the next decade.

In response to the plan, Norquist said, “politicians have the choice to reform government or raise taxes,” and “if the President is willing to do revenue neutral tax reform, that is a huge step in the right direction.”

Norquist and the GOP’s idea of “revenue neutral” tax reform involves reducing top rates and consolidating brackets, while “broadening the base,” or bringing new taxpayers into the system to theoretically offset a loss of revenue.

Tags: , , , , , ,

About TRNS Washington Desk

View all posts by TRNS Washington Desk
TRNS Washington Desk
News updates from on and around Capitol Hill.

Lincoln Suspends Habeas Corpus, 241 Troops Die In Lebanon Suicide Bombing, And Nixon Releases His Audio Tapes

Plus, the Senate turns down Robert Bork and thousands of women march on New York City.

Interview: Mark Fish, Libertarian Candidate For Alaska

Alaska is a key race in the upcoming midterm elections.

Lawmakers Raise Questions Over Whisper’s Privacy Policy

The social media platform faces allegations that it shared data and tracked users.

TRNS News Notes- 10/23

Ottawa shootings: Canada not intimidated – Harper
U.S. to train Syrians only in defensive role – really?
Obama “cautiously more optimistic” on Ebola
U.S. to monitor travelers from Ebola-hit nations
Takata airbags recall: Pressure builds

Click here for: Thursday, October 23

● Social Security hikes 2015 benefits

● Election prediction: Tab is $4 billion

● Fracking with toxics

● Ebola vaccine rushed to human testing

● Grandparents living with grandchildren

● IRAs are growing more popular

LISTEN: The Day Ahead – October 23, 2014

The Day Ahead Logo

Oral arguments begin in a suit against the UN for introducing cholera to Haiti in 2010, a slew of human rights reports and new unemployment data from Spain.