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Tax Reform: Part II |
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October 17, 2017 |
By Senator Mike Crapo
I recently wrote about the need for
comprehensive tax reform to lower the burden on
all Americans and make the tax code fairer,
flatter and simpler.
This column is meant to be the second in a
series of columns to delve into the need for
comprehensive reform, rather than solely
debating traditional rate cuts, review many of
the tax reform proposals and ideas put forward
from across the political spectrum, consider how
reforms are estimated and reflect on the
potential effects of the reforms being
considered.
The goal with this series of tax reform related
columns is to carry on a discussion with
Idahoans about the reform efforts underway.
In this column, I will write about the
considerable work on tax reform and proposals
that have brought us to this encouraging point
in the effort to comprehensively reform our
complex, costly to comply with, unfair and
anti-competitive tax code.
In recent years, the Senate Finance Committee,
on which I serve, has held dozens of legislative
hearings on the issues and proposals that are on
the table in the tax reform process. Information
about the hearings is archived and can be
reviewed at:
www.finance.senate.gov.
A number of significant tax reform proposals
have also been put forward. These include the
following both conservative and bipartisan
proposals:
* The proposal put forward by the bipartisan Bowles-Simpson Commission is
available at:
http://momentoftruthproject.org/report. I
was honored to have to opportunity to serve on
this commission.
* Then-Chairman of the House Ways and Means Committee Dave Camp
(R-Michigan) released a substantial draft
legislative proposal in 2014 that can be
reviewed by
clicking here.
* Senate Finance Committee Ranking Member Ron Wyden (D-Oregon) and
then-Senator Dan Coats (R-Indiana) released a
bipartisan tax reform plan that can be
read here.
* Current House Ways and Means Committee Chairman Kevin Brady (R-Texas)
released a “Better Way” blueprint for tax reform
that can be
reviewed here.
* The Trump Administration, Republican Leadership in the House and
Senate, the House Ways and Means Committee and
the Senate Finance Committee Chairmen, known
collectively as the “Big 6”, recently put
forward a framework for tax reform that will
ultimately be developed and considered by the
Finance and the Ways and Means Committees. It
can be
reviewed here.
This is only a sampling of the many important
ideas and proposals that have already been put
on the table by Republicans, Democrats and
Independents. What we can expect to see in any
final proposal put before Congress are many of
the same proposals, or versions of them, that
have already been seen in these earlier drafts.
The more the American people familiarize
themselves with these existing proposals, the
better their ability will be to follow the
process and actively engage as we move forward.
Thank you to all those Idahoans who take the
time to share their views. I encourage all
Idahoans to stay engaged and urge those you
communicate with to get involved and let their
Senators and Representatives know how they feel
about the importance of these issues. This will
improve the ability to achieve the kind of
comprehensive tax reform our country needs.
This guest column, the other tax related columns
in this series and links to cited reports and
proposals can be accessed at
www.crapo.senate.gov/media/editorials. |
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