Tags: portman | tax | reform | gop

GOP’s Portman Still Working for Tax Reform

Tuesday, 29 Nov 2011 05:09 PM

By Newsmax Wires

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Republican Sen. Rob Portman, a member of the supercommittee on budget deficit reduction, plans to release a corporate tax reform plan early next year.

The Ohio lawmaker will base his plan on a structure that the bipartisan supercommittee negotiated before its talks collapsed last week, Politico reports.

The plan would cut the top corporate tax rate to 25 percent from 35 percent, mostly by reducing inefficiencies, preferences, and exemptions, Portman said Monday during a talk at the American Enterprise Institute. The proposal also would tax U.S. companies only on profits they have earned domestically, allowing them to bring “hundreds of billions of dollars back to these shores” that they have earned overseas, he said.

Portman called his plan “pro-growth, deficit neutral.” It’s almost identical to the tax reform program considered by the supercommittee, which the nonpartisan Joint Committee on Taxation judged as deficit neutral.

Portman hopes to find Democratic co-sponsors for his plan, including fellow supercommittee member and Senate Finance Committee Chairman Max Baucus, D-Mont.

In 2012, “there is a good possibility for reform,” Portman said. “I’m disappointed what happened with the supercommittee, but more determined than ever to address these issues.”

Portman, who was White House budget director under President George W. Bush, criticized Democrats for insisting that spending cuts be matched one-to-one with tax increases.

“This misses the big picture. Raising tax rates to chase soaring spending would upset a far more fundamental balance in this country — the balance between the federal government and a free and vibrant private economy,” he said. “A massive tax increase would deal a blow to the fragile U.S. economy, leading to less growth, diminished wages and fewer new jobs.


© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Atlanta US Attorney Yates Tapped for Deputy AG

Sunday, 21 Dec 2014 17:46 PM

President Barack Obama is preparing to nominate the top federal prosecutor in Atlanta to the No. 2 position at the Justi . . .

Allen West Says Goodbye to Florida at Holiday Party

Saturday, 20 Dec 2014 08:49 AM

Tea party hero Allen West is making his final Florida appearance before moving to Texas. . . .

Rep. Mike Kelly Offers Obama 'Lump of Coal for Christmas'

Saturday, 20 Dec 2014 07:50 AM

All forms of energy in the United States should be developed to spur job creation and economic growth, Pennsylvania Repu . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved