The RATE Coalition issued the following statement regarding tomorrow’s Senate Finance Committee hearing on individual tax reform:
“As the Senate Finance Committee listens to expert testimony about our high individual tax rates, the RATE Coalition urges lawmakers to consider their repressive impact on America’s small businesses and workers. The Finance Committee’s role in cutting rates for all Americans is essential and its activity is encouraging.
“Coupled with a globally competitive corporate tax rate, an individual rate cut would put more money in the pockets of workers and directly benefit middle class families. As was once again reaffirmed by yet another study just this week, ‘a tax cut for corporations is a tax cut for the average American’ as ‘labor bears between 75 percent and 100 percent of the revenue cost of the corporate tax.’ Our self-destructive corporate tax rate – the highest in the developed world – is a burden on businesses of all sizes and the workers they employ.
“As the bipartisan momentum for this once-in-a-generation opportunity to enact meaningful, comprehensive reform grows with each passing day, it is clear that the desire to lift our heavy tax burden is shared across party lines.
“We look forward to continuing this debate tomorrow and fighting for swift action thereafter.”