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.

Click here for: Wednesday, October 22

● Court affirms cap-and-trade pollution plan

● Court lifts immigration bar to Brazilian chefs

● Physician aide draws 15-year term for fraud

● Where ideologues get the news

● FCC targets political robocalls

● San Francisco’s landlord tax is rebuked

LISTEN: The Day Ahead – October 21, 2014

The Day Ahead Logo

The last chance to catch Halley’s Comet for the next 47 years, the U.N. Security talks piracy in Somalia and Jimmy Choo lists on the London Stock Exchange.

LISTEN: The World in 2:00 – October 21, 2014

The World in 2:00 continents logo

London orders surveillance flights over Syria and Qatar earns a spot on the U.N.’s Human Rights Council.

UN in Brief: Calm & Conflict for October 21, 2014

UN Daily Brief Square

New aid deliveries arrive in West Africa, but the U.N.’s Ebola relief fund remains only 5% funded, and 15 countries win seats on the Human Rights Council.

NC Senate Race: Tillis To Appear Solo At Candidate Forum

Democratic Sen. Kay Hagan declined to appear at the event.

U.S. Olympic Committee CEO: Time Is Right For U.S. To Host

The United States should host another Olympic Games, as long as it makes economic sense, according to the US Olympic Committee CEO.