The Joint Committee on Taxation, which operates under the auspices of the tax-writing committees of the Senate and the House, has been given the task of conducting specific research that will help advance the ability of Congress to enact comprehensive tax reform.
The JCT held an organizational meeting Tuesday in which the two chairmen whose committees oversee the development of tax policy in Washington instructed the Joint Committee to continue its work on tax reform and undertake specific research that would help Congress enact tax reform legislation to lower tax rates, broaden the tax base, reduce the complexity of the Tax Code and promote job creation.
Speaking on the direction provided to the Joint Committee, House Ways and Means Committee Chairman Dave Camp, R-Mich., who will serve as chair of JCT for the first session of the 112th Congress, said, “There is no doubt that today’s Tax Code is too complex, too costly and takes too much time to comply with. Add to that the unpleasant reality that America will soon have the highest corporate tax rate in the world, and it is no wonder that the current economic recovery has been far more muted than in past recoveries. But to assume that corporate reform alone will provide the spark necessary to jumpstart our economy would be a mistake. Congress must take a comprehensive approach to tax reform so that we address the needs of all job creators—big and small. I look forward to using this additional research to identify the pathways to the tax policies that promote the job creation our country needs.”
Senate Finance Committee Chairman Max Baucus, D-Mont., is also overseeing the Joint Committee. “Our Tax Code should maximize job creation and widespread economic growth,” he said in a statement. “As we work together to simplify the Tax Code and make it more fair and competitive, we need to be armed with the data showing the impact of potential changes to the code. This analysis will help us work together to improve our Tax Code so it helps put Americans back to work and ensures our long-term prosperity.”
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