Baucus Outlines Goals for Comprehensive Tax Reform at Bipartisan Policy Center
Finance Chairman says focus should be on jobs, competitiveness, innovation and opportunity in order for U.S. to lead the global economy
WASHINGTON, June 11, 2012 /PRNewswire-USNewswire/ -- Senate Finance Committee Chairman Max Baucus outlined his overall goals for comprehensive tax reform Monday at a tax reform gathering at the Bipartisan Policy Center, emphasizing economic growth as the goal he will pursue as the reform effort gains speed.
Chairman Baucus warned that the United States' current tax code was not one that would enable America to keep its economic power in the 21st century.
"A 21st century tax code must promote four goals," Baucus told a crowd of more than 200 tax, budget and media attendees. "These goals are the keys to America's future and securing our lead in the global economy:
- Jobs from broad-based growth
- Innovation, and
The event was sponsored by the Bipartisan Policy Center as part of its efforts to promote a comprehensive budget and fiscal plan that would stabilize the nation's debt at approximately 60 per cent of Gross Domestic Product within a decade. BPC's Debt Reduction Task Force, headed by former Budget Committee Chairman Senator Pete Domenici and former White House Budget Director Dr. Alice Rivlin, released its comprehensive fiscal plan in 2010. Since that time, BPC has been engaged in an effort on Capitol Hill to let Senators and Congressmen understand the details of the Domenici-Rivlin plan.
Baucus said that he intended to use both the Domenici-Rivlin plan and the fiscal recommendations of the president's Simpson-Bowles Commission as the starting points for full-scale tax reform and said he expects to hold hearings on both bipartisan proposals.
"As the Domenici-Rivlin plan says, 'Everything must be on the table' when it comes to tax and entitlement reform."
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About the Bipartisan Policy Center:
Founded in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell, the Bipartisan Policy Center (BPC) is a non-profit organization that drives principled solutions through rigorous analysis, reasoned negotiation, and respectful dialogue. With projects in multiple issue areas, BPC combines politically-balanced policymaking with strong, proactive advocacy and outreach. For more information, please visit our website: www.bipartisanpolicy.org.
SOURCE Bipartisan Policy Center