Rep. Mike Thompson Statement on JCT Report Showing GOP Tax Plan Does Not Add Up
October 12, 2012
U.S. Rep. Mike Thompson (CA-1), a senior member of the House Committee on Ways and Means today released the following statement after a new Joint Committee on Taxation report showed that eliminating all of the itemized deductions in the tax code would only generate enough savings to reduce marginal tax rates by only 4 percent.
The report highlights how the House Majority's tax plan - which calls for much deeper cuts in tax rates, to be offset by eliminating or reducing tax expenditures - would end up either harming middle- and lower-income families or blowing an even deeper hole in the deficit.
Thompson: “The Republicans' tax plan simply does not add up. The nonpartisan congressional tax scorekeepers have run the numbers and it shows there are only two ways their plan can work: it will raise taxes on middle class families, or it will further explode the deficit. Neither option is acceptable. We need a tax reform plan that is balanced, focused on job creation, makes smart cuts and asks everyone to pay their fair share.”
Congressman Mike Thompson is proud to represent California's 1st Congressional District, which includes the Counties of Del Norte, Humboldt, Lake, Mendocino, Sonoma, Napa, and Yolo. He is a senior member of the House Ways and Means Committee and the House Permanent Select Committee on Intelligence. Rep. Thompson is also a member of the fiscally conservative Blue Dog Coalition and sits on the bipartisan, bicameral Congressional Wine Caucus.
The report highlights how the House Majority's tax plan - which calls for much deeper cuts in tax rates, to be offset by eliminating or reducing tax expenditures - would end up either harming middle- and lower-income families or blowing an even deeper hole in the deficit.
Thompson: “The Republicans' tax plan simply does not add up. The nonpartisan congressional tax scorekeepers have run the numbers and it shows there are only two ways their plan can work: it will raise taxes on middle class families, or it will further explode the deficit. Neither option is acceptable. We need a tax reform plan that is balanced, focused on job creation, makes smart cuts and asks everyone to pay their fair share.”
Congressman Mike Thompson is proud to represent California's 1st Congressional District, which includes the Counties of Del Norte, Humboldt, Lake, Mendocino, Sonoma, Napa, and Yolo. He is a senior member of the House Ways and Means Committee and the House Permanent Select Committee on Intelligence. Rep. Thompson is also a member of the fiscally conservative Blue Dog Coalition and sits on the bipartisan, bicameral Congressional Wine Caucus.
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Issues:Fiscal Responsibility