Tax Reform and Fiscal Responsibility Task Force
Rep. Jim Himes (CT-04)
Rep. Jim Cooper (TN-05)
Rep. Terri Sewell (AL-07)
Representatives John Barrow (GA-12), John Carney (DE-At Large), John Delaney (MD-06), Patrick Murphy (FL-18), Gary Peters (MI-14), Scott Peters (CA-52), Mike Quigley (IL-05), Cedric Richmond (LA-02), Loretta Sanchez (CA-46), and Kurt Schrader (OR-05)
The New Democrat Coalition's Principles for Comprehensive, Growth-Focused Tax Reform (Released 2011):
In the past 25 years, the global economy has become increasingly dynamic and interconnected. To help American businesses and workers succeed, our nation’s system of taxation needs to evolve to reflect the challenges facing modern businesses and opportunities for growth as well as address how individuals earn and utilize their income
Since 1986, Congress and various Administrations have added layer upon layer of targeted – and often temporary – tax benefits to the code. While a number have merit, many have proven ineffective in spurring economic growth and innovation, and the end result is a system that is mired with inefficiencies and instability, imposes burdensome compliance costs that impede economic growth and impairs the ability of businesses and individuals to plan ahead and compete. With debt levels at historic highs and threatening future economic stability, it is further imperative that tax reform create a pro-growth environment. An improved tax code will provide certainty for individuals and businesses as well as a stable and efficient source of revenue for essential government investments and services.
What They're Saying About the New Dems' Efforts to Overhaul America's Tax Code:
POLITICO: The New Democrats are preparing to take an active role in the upcoming tax reform debate...manufacturing and R&D credit expansion tops the agenda for the Coalition, and recognizing the economic growth that stems from including tax provisions supporting those industries in tax reform could help lawmakers expand those tax benefits.
Bloomberg BNA: "'I think there's great consensus around here that we've got a tax code that's not working for businesses and for working families, and it has to be simplified, but we also have to pay for it,' said Rep. Ron Kind (D-Wis.), the Coalition's chairman."