Reed: House Tax Reform Draft Puts $600 Back into the Pockets of Southern Tier, Finger Lakes Taxpayers
Tom Reed says the district impact of tax reform could put $600 back into the pockets of Southern Tier and Finger Lakes taxpayers. The draft tax reform proposal, released last week by Ways and Means Committee Chairman Dave Camp, has garnered bipartisan praise based on the draft’s savings for taxpayers and its simplification of the 70,000 page tax code. For Reed, it’s the real savings to taxpayers and job creation potential that make comprehensive tax reform so appealing.
“The average Southern Tier and Finger Lakes taxpayer will see an additional $600 in their wallet each year as a result of real tax reform,” Reed said. “That’s over 160 gallons of gas, six months of electric bills or multiple trips to the grocery store. Real tax reform creates an opportunity for taxpayers to keep more of their own money in their pockets instead of it going into the abyss in Washington.
“Rather than spending hours collecting forms and money on tax preparation help, taxpayers deserve a simpler, fairer tax code that closes loopholes and puts everyone on a level playing field. The current 70,000 page tax code is laden with special provisions which allow Washington to pick winners and losers. Defending the status quo tax code is not productive or fair.”
Reed also cited the independent Joint Committee on Taxation’s report which found that in addition to the $600 on average in additional take-home pay, Chairman Camp’s proposal would also create 1.8 million new jobs. “More disposable income means more jobs. It’s been nearly 30 years since the last major update to the tax code. The time has come.”
Reed says much of the leg work has already been done to reform a tax code that hasn’t seen comprehensive reform since 1986.
“Through our role on the Ways and Means Committee, we’ve spent the last three years taking on this generational, defining issue,” Reed continued. “With 11 bipartisan working groups, more than 30 hearings and tens of thousands of public input comments, this will continue to be an open and transparent process. Simply put, we are not going to pass a bill to find out what is in it like was done with Obamacare. Instead, we welcome and encourage public engagement.
While Reed said this draft is not the final product or the perfect proposal, he is looking forward to having the conversation with constituents and colleagues: “This is a conversation worth having and something that will affect every single taxpayer in our district and in our country. Everyone has a seat as this table.
The draft plan can be found here.