Political Quotes

“I am pleased to introduce the Progressive Consumption Tax Act of 2016. We need a tax code that is fair for American employers and fair for American families. We need a tax code that makes our U.S.-based businesses more competitive. Finally, we need a tax code that allows us to responsibly and reliably collect reasonable revenues. I introduced a version of this bill in the 113th Congress to provide an opening for discussion and a first opportunity to review legislative language for this type of comprehensive tax reform. Since the introduction of the Progressive Consumption Tax Act, many policymakers, including in Congress, have become increasingly interested in moving to a border-adjustable consumption tax base. As we move towards consideration of comprehensive tax reform in 2017, I wanted to reintroduce an updated version of this bill, which I think shows what progressive, fiscally responsible, pro-growth tax reform could look like. As many of my colleagues recognize, the extent to which we rely on income taxes is very out of step with the rest of the world. Compared to other countries that are in the OECD--developed countries with advanced economies, countries that we want to be competitive with--all taxes as a percentage of GDP in the United States are low. But, the U.S. is not a low income tax country. Our income tax revenues as a percentage of GDP are higher than the OECD countries. We have some of the highest statutory income tax rates in the world.…”