Political Quotes

“I understand that real tax reform is absolutely necessary. In 2013, the Harvard Business School published a report that identified the most important Federal priorities to promote American growth and competitiveness. Two of the eight priorities were tax related. First, to simplify the corporate Tax Code with lower statutory rates and fewer loopholes; and second, to reform the taxation of foreign profits so we don't disadvantage American businesses and workers. Many Democrats would work with the majority to achieve these progrowth tax reforms. That is how it worked so well in 1986 under President Reagan and Speaker O'Neill. But we should not, and we don't need to, balloon the Federal debt to achieve these goals. That is exactly why Republican proposals in the House and the Senate are so harmful for our country. We know that national debt itself is antigrowth. That is why the same Harvard study that advocated tax reform also prioritized a stable Federal budget. Public debt crowds out private investment. CBO estimates that every dollar in deficit crowds out 33 cents in private investment. Debt gives us less flexibility to deal with emergencies. Debt increases the risk of another financial crisis, because when investors lose confidence in the government's ability to pay back borrowed funds, interest rates can spike. As interest takes up more of the budget, less is available for other programs, including roads, bridges, scientific discovery, and our national defense.…”