Business-friendly House Democrats are urging Congress to overhaul the tax code by lowering corporate rates, removing breaks and easing the burden on U.S. companies’ overseas operations, mirroring some Republican goals.
The 42-member New Democrat Coalition departs from Republicans’ tax proposals by emphasizing the progressivity of the tax code and not focusing on preventing a tax increase, according to a set of principles the group will release today.
“We think this is a seminal moment,” said Representative Ron Kind, a Wisconsin Democrat who helped lead the effort. “It’s a great opportunity, and one of the big drags is not only the complexity of the code but the uncertainty of the code.”
The group, led by Representative Joseph Crowley of New York, said it designed its agenda to encourage economic growth and innovation at a time when lawmakers in both parties are discussing a tax code overhaul. The deficit-reduction supercommittee, which includes the top two tax writers in Congress, is considering setting parameters for a tax code rewrite to occur over the next year.