Steven Rattner testified this morning before the House Ways and Means Committee on tax reform. It has now been more than 30 years since our revenue code was last thoroughly overhauled. Since that time, many loopholes and methods of achieving avoidance have crept into the system. In his testimony, Steve discussed that it’s about time lawmakers addressed the need for comprehensive tax reform. Specifically, he detailed how any major tax legislation should meet the following important tests:
1) It should be deficit neutral, given projections for rising fiscal gaps
2) It should be fair and certainly not diminish the progressivity of our system
3) It should be growth and investment enhancing
4) It should improve our international competitive position
Based on the above criteria, the tax proposal put forth by President Trump falls short in several important respects.
The full testimony can be found here: https://waysandmeans.house.gov/wp-content/uploads/2017/05/20170518FC-Testimony-Rattner.pdf