On the recordAugust 1, 2012
Let me just say that this substitute increases taxes, and it increases taxes on small businesses, the very sector that we need to be growing to bring us out of this recession. It does not include tax reform. There's no path to tax reform. Our Tax Code has had 5,000 changes in the last decade. The complexity is making it difficult for Americans to know what their responsibilities are. They suspect others get a better deal under the Tax Code because of the complexity. If we can take that away and move to a system that has a lower rate, revenue neutral, that closes off some of these 5,000 changes that have been made in the last few years, we can create a million jobs in the first year alone. One of the things that led us into this recession is the housing crisis. Here we have a letter from the National Association of Home Builders saying that housing can be a key engine of job growth that this country needs. However, the recovery we're seeing remains fragile. As the rest of the economy is experiencing softening conditions, now would be the worst time to raise taxes. The National Association of Home Builders believes that lower rates, simplification, and a fair system will spur economic growth and increase competitiveness. That's good for housing, because housing not only equals jobs, but jobs mean more demand for housing.…
