Thompson on President's Tax Reform Outline
Washington – Today, Rep. Mike Thompson (CA-05) released the following statement in response to the President’s recently unveiled tax plan:
“After months of promising to reveal specifics about the ‘biggest tax cut in history,’ the President sent out his Treasury Secretary to instead deliver a one-page outline. This is severely lacking in details. The only thing clear about this proposal is that the President is interested in giving himself and his wealthy friends a major tax break.
“A blanket repeal of the Alternative Minimum Tax (AMT) is a significant giveaway to the richest among us. This is often the only tax people like the President pay. Reforming the AMT so hardworking families can benefit is one thing. Fully repealing it would be a giveaway for more of the richest Americans. It is neither fair nor responsible to force the middle class to carry even more of this country’s tax burden.
“The President’s outline is also at odds with what we have seen from Speaker Ryan and Ways & Means Committee Chairman Brady. Once again, the Administration and Congressional Republicans have proved they aren’t on the same page or even reading from the same book. This chaos and confusion will hurt everyone.
“Lasting tax reform needs to be bipartisan and it needs to be paid for. The President’s outline is neither. The last time Congress seriously addressed our tax code was in 1986, and it was done with both parties at the table. Taxes impact all of us, and so we all have the right to make sure the people we serve get a voice in these discussions.”