Tags: john cornyn | tax code | tax reform | rich | tax break

Cornyn Denies Trump Tax Plan Gives the Rich a Break

(Fox News)

By    |   Wednesday, 27 September 2017 01:53 PM

Claims that President Donald Trump's call for simplifying the nation's tax codes will provide a break for the rich are "just not true," Senate Majority Whip John Cornyn said Wednesday.

"That is predictable that our opponents will say that, but it's not true," the Texas Republican told Fox News' "Happening Now" program. "What we want to do is make sure everybody who pays taxes sees a reduction in their tax costs and increases their take-home pay. We want to boost the economy in the process, create incentives for investment and job creation, which are going to benefit the vast cross-section of middle America."

The code is so complex, Cornyn said, because so many lawmakers and others through the years have added their own agenda items to it, and that's why rates have continued to climb.

"Rates have gotten higher to generate the income with so many of the deductions and credits and other things, which I call the budget in our tax code, which needs get cleared out," Cornyn said. "We hear people talk about base login, we're talking about reducing those so we can bring down rates for everybody."

Tax reform should happen every couple decades, Cornyn said, but the last time it was done was in 1986.

"Right now, the tax code has become so complex and filled with deductions and credits and the like," he added. "That is a product of people working through their lobbyists on Capitol Hill. We need to reduce rates for everybody, eliminate those deductions and subsidies as much as possible and get the economy growing again."

The plan calls for reducing corporate tax rates as well, and Cornyn said that plan will make U.S. businesses more competitive.

"Right now, we are not competitive because we [have] the highest tax rate in the world," Cornyn said. "Other countries have learned that if they lower rates and their more competitive, they can attract businesses that will literally move from the United States to places like Ireland and elsewhere where the tax rates are lower."

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Claims that President Donald Trump's call for simplifying the nation's tax codes will provide a break for the rich are "just not true," Senate Majority Whip John Cornyn said Wednesday.
john cornyn, tax code, tax reform, rich, tax break
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2017-53-27
Wednesday, 27 September 2017 01:53 PM
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