On the recordNovember 9, 2011
By bringing the rate down to 25 percent on a revenue- neutral basis, what we do is get rid of a lot of the preferences, the exclusions, the credits, the tax deductions that enable companies right now to pay little or no taxes. We think everybody should be paying taxes. We think everybody should be subject to a fair tax system. We also think we shouldn't have to spend billions a year in complying with a Tax Code that is so complex. So instead of hiring more tax lawyers, we want people to get out there and hire more Americans to do the work--productive work--to get our economy moving. Tax reform is a way to give this economy a shot in the arm right now. It is one of many structural reforms that is in this legislation that the Senator from Kentucky and the Senator from Arizona have put together with me. It is very consistent with this idea that America's best days are ahead of her, if we restructure some of these basic parts of our economy: Tax reform, necessary; lowering health care costs, absolutely critical; allowing us to explore for energy on our shores and create jobs and economic opportunity; being sure we are reducing the regulations that are strangling small businesses. These are all structural reforms we can and should do. By the way, there is bipartisan support for every single one of those elements. So I commend the Senator from Arizona for raising these issues, for his passion for them, and the Senator from Kentucky.…
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