Political Quotes

“I will conclude by quoting one sentence from it. We call on Congress to avoid raising marginal tax rates on employers, either as part of negotiations over the fiscal cliff, or as part of a larger effort to reform the tax code. Instead, Congress should seek to enact comprehensive tax reform that simplifies the tax code and encourages economic growth for both passthrough businesses and corporations. As I said, the passthrough entities are those small businesses, and the corporations are those that pay under the corporate tax rate. So I think the data, as well as the voices from employers around the country, make it clear that the Senate bill, combined with the tax increases from ObamaCare, would have a devastating effect on economic growth and our ability to create jobs. What should we do instead, just to summarize? I think the better approach is the one the Republicans have been proposing. We actually have a plan, as opposed to the administration's plan--the only part of which I can discern is to pass the Senate bill, which raises tax rates. Our plan is to avoid the tax rate increases that would otherwise automatically occur on January 1 and commit to tax and entitlement reform that raises revenue through economic growth, eliminates wasteful credits and deductions and loopholes, and cuts spending in the future. Recall that, in 1986, President Reagan signed into law a historic tax reform bill that lowered corporate and individual tax rates and eliminated a lot of loopholes.…”