CCAGW Releases Statement on Rep. Camp’s Tax Reform Act of 2014 | Council For Citizens Against Government Waste

CCAGW Releases Statement on Rep. Camp’s Tax Reform Act of 2014

Press Release

For Immediate ReleaseContact: Alexandra Booze 202-467-5318
February 27, 2014 

 

(Washington, D.C.) – Today, the Council for Citizens Against Government Waste (CCAGW) released a statement in response to the introduction of  House Ways and Means Committee Chairman Dave Camp’s (R-Mich.) Tax Reform Act of 2014, which is aimed at “creating a fairer and more accountable tax code.”  The legislation, unveiled on February 26, 2014,  is estimated to create 1.8 million jobs in the private sector, allow about 95 percent of tax filers to get the lowest possible tax rate, and increase gross domestic product by up to $3.4 trillion without increasing the budget deficit, according to the Joint Committee on Taxation. 

“Chairman Camp’s plan sets the stage for serious debate on tax reform and is a step in the right direction if Congress intends to spearhead a successful economic revival,” said CCAGW President Tom Schatz. “We admire his boldness to undertake such an intricate subject matter during an election year, but do not agree with every provision in the legislation.  However, there is far more to like than dislike.”

The legislation eliminates many unnecessary tax breaks for special interests, in particular energy industry subsidies that CCAGW has criticized for many years.  It will substantially reduce the time it takes for individuals and businesses to fill our tax forms, which by itself will increase productivity and help improve the economy.  The bill cuts the corporate tax rate to 25 percent, which will help make the U.S. more attractive for manufacturers and other businesses.  Tax receipts are estimated to rise solely as a result of higher economic growth.  Indeed, the bill specifically rejects the position held by many Democrats on Capitol Hill to increase taxes by $1 trillion through tax reform. 

“Once all of the accountants and attorneys that object to various provisions of the bill are finished with their lobbying efforts, enactment of the legislation or a similar bill will have the salutary effect of reducing the number of individuals in those professions,” continued Schatz.  “Our biggest objection to the bill, so far, is the inclusion of a surtax on incomes greater than $400,000, which will adversely impact job creators.  The provision is also written in a manner that excludes certain groups such as farmers and manufacturers.  It would be far preferable to reduce everyone’s top tax rate to 25 percent, as CCAGW and other fiscal conservative groups have long supported.”

The Council for Citizens Against Government Waste is the lobbying arm of Citizens Against Government Waste, the nation’s largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.

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