It has been over 30 years since Congress last rewrote the tax code. Since that time, it has tripled in size with pages and pages of special interest loopholes and rules that are unfair, complex and costly for families and businesses. Americans across the country agree that it is beyond repair.
In today’s Ways and Means Committee hearing, Congressman Pat Tiberi highlighted the urgent need to overhaul the tax code to create jobs and boost wages for hard-working Americans, asking “what is the cost of delaying tax reform?”
Here’s a recap of the expert witnesses’ answers:
“Participation rates in the workforce that are at historically low levels.”
“A delay cannot happen… I need tax reform right now. My employees need it as well. They want to start saving and getting ready for the future. ”
“The cost of delay means lack of innovation, less new products, [and] less jobs. It is that simple.”
“It has a real impact on people and how we hire.”
“Delaying comprehensive tax reform has cost us billions of jobs, billions of dollars and so on.”
As Chairman of the Ways and Means Committee Kevin Brady said, “it’s time” for reform. This once-in-a-generation opportunity means more jobs, higher wages and a stronger economy for ALL Americans. They shouldn’t have to wait any longer.
That is why House Republicans on the Ways and Means Committee have put the wheels in motion to achieve pro-growth reforms that will deliver the lowest tax rates in modern history, unleash business investment and put more dollars in the pockets of middle-income families. Watch today’s hearing to learn more.