Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN) released the following statement today after Rep. Dave Camp, chairman of the House Committee on Ways and Means, released a proposal for comprehensive tax reform:
"Remaking the tax code the way Chairman Camp is proposing would concentrate more power and wealth in the hands of a few instead of investing it in America's working families. Tax reform is one of the country's best chances to make sure big corporations and wealthy individuals begin to pay their fair share.
"When we write better tax policies, we can provide a world-class education for our kids, fix our crumbling roads and bridges, and fund cutting-edge scientific research the way we used to. We should close loopholes that reward companies for parking profits overseas and for destabilizing our climate. We can stop making it profitable to ship American jobs overseas. We can expand and make permanent the Earned Income Tax Credit (EITC) and the Child Tax Credit, which help working families thrive.
"We strongly oppose Chairman Camp's proposal to reduce EITC benefits, which ensure that low-wage workers don't lose the better part of their paycheck to taxes. The territorial tax system proposed by Chairman Camp would actually encourage companies to move jobs, and profits, overseas. His proposal is regressive, hurts working people and their families, and expands loopholes that big companies already use to avoid paying taxes. It puts a greater burden on individual taxpayers and helps profitable corporations pay even less back to the country that made their profits possible.
"The Congressional Progressive Caucus has long insisted that tax reform must follow commonsense principles aimed at ending the terrible income disparity in this country. A new tax code should be revenue positive, promote responsible corporate behavior, and create a global system that works for the American people. It should restore progressivity and make sure the wealthiest taxpayers pay fair rates. It should stop government spending that only benefits the wealthy and increase spending that supports working families, the poor and seniors.
"This proposal fails every one of those popular tests. We will offer a better one in the days ahead."