WASHINGTON - Ways and Means Ranking Member Sander Levin (D-MI) today issued the following statement in response to Chairman Camp’s proposal to reduce the top individual and corporate rates to 25 percent while also shifting to a territorial tax system:
“The more discussion about the House Republican discussion draft the better. It will force Republicans to explain how they would pay for lowering the top individual and corporate rates to 25 percent without harming job creation efforts in the U.S. and middle class families.
“For individuals, this plan would almost certainly result in another massive tax cut for many of the very wealthy and a shifting of the burden onto working families through the elimination of key middle class tax benefits such as the mortgage interest deduction and the health care exclusion. Lowering the top corporate tax rate to 25 percent without adding to the deficit would require repealing key provisions that strengthen domestic manufacturing and encourage American innovation and investment.
“Moving to a different international tax system must guard against policies that lead to further shifting of jobs overseas and further shifting of income into tax havens. Today’s draft acknowledges these challenges but does not solve them.
“In order for tax reform to work for American families it must create jobs in the U.S., support the middle class, and address dangerous income inequality in our nation."
