“So this is an exciting opportunity to help people be able to seek their goals in life but also to actually help with regard to the budget deficit. That will mean we actually not only have a revenue neutral tax reform proposal, but we begin paying back some of the national debt by having a deficit once again, as it was back in the years 20, be on a unified basis a zero deficit.
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That’s a very conservative estimate I believe based on the kinds of things we’re talking about. So instead of 1.9 percent, let’s say we grow the economy at 2.3 percent. “So if you assume, as the Congressional Budget Office does, that we’re only going to grow the economy 1.9 percent-that’s a pretty paltry amount-1.9 percent over the next ten years, way below what the average has been for the past 30 years, then let’s say all this tax reform we’re doing only grows the economy by a little bit more, let’s say 0.4 percent. That will result in what? More economic activity and more revenue coming in to the treasury. “Why do I say that? Because I’m going to talk for a second about some of the things that are in good pro-growth tax reform that we are planning to implement here that will actually grow the economy. In fact, I strongly believe it will actually reduce the deficit over the next 10 years. If we do this tax reform right, it will not add to the deficit. I will just add to what has been said already. “We heard a lot of discussion tonight about it adding to the deficit. The most important thing I think we did tonight was we set the stage for common-sense tax reform that’s essential to this effort to grow our economy, to create more jobs, and to create better jobs and increase wages for middle class Americans. What we have the opportunity to do here in this tax reform bill that is made possible by the budget that was passed tonight, and again the budget is a framework-it doesn’t mandate things. So that’s the middle class squeeze: flat wages, not seeing more take-home pay and yet seeing higher expenses. It’s the single biggest increase people see in their family budgets, but also food, medicine and, frankly, tuition. “And what has gone up? Expenses-health care expenses more than any, frankly. Really when you look at it over the past 15 years, so many people I represent and are represented by the other members in this chamber better have not seen their wages go up.
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“It’s so important because it will give us a shot in the arm in terms of our economy, get this economy moving again, and because it’s going to help people who have been left behind in this economy. What it does do, is it prepares this body to do something really important and really exciting-and that’s the opportunity to reform our broken tax code.
#Laid in america budget full
In fact, those would have to go to other committees to be passed and then passed by the full Senate and the House and signed into law by the president. “The budget is a framework, so the budget itself does not have specific policies in it. Transcript of his remarks can be found below and a video can be found here.
#Laid in america budget code
Senator Portman said, in part: “ Nothing is more important than fixing this broken tax code if we’re going to see the kind of economic growth and improvement in wages that we all hope for.”
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Senator Rob Portman (R-OH) discussed the opportunity to reform our outdated tax code to ease the burden on the middle class, increase jobs and wages for workers, and encourages jobs and investment in America, not overseas. Passage of the Senate Budget Resolution Clears the way for Once-in-a-Generation Tax Reform