The president and House Republicans agree that we need to reform entitlements. And both agree that there are pro-growth policies that would yield additional revenue to the federal government without raising tax rates. Working together, we can find common ground that will enable us to reduce or even eliminate the impact of the sequester and continue to lower the deficit.
I’ve been quoted saying that “revenue should be on the table,” and I believe that it should but not in the way some have suggested. More revenue doesn’t and shouldn’t mean higher taxes. I think tax rates are already extraordinarily high for hardworking American families, but there are alternative ways to generate revenue and grow our economy. Policies could include repatriation of corporate profits from overseas, expanded oil and gas exploration both offshore and on federal land, and the sale of federal assets – just to name a few.
Beyond reforms that grow the economy, the committee should set forth a path that allows for expedited consideration of a tax reform package. It has been over 25 years since we have taken a comprehensive look at our tax code. In that time, the fundamental nature of our economy has changed. It makes sense for our tax code to now reflect the priorities of the century in which we now live.
While Republicans maintained their majority in the House in the last election, Democrats retained control of the Senate and White House. Sadly, “compromise” has become a dirty word in Washington, and it has prevented lawmakers from performing the basic functions of the jobs to which they were elected. Whether we like it or not, compromise is necessary in divided government. Otherwise, the American people are the ones who lose.
It’s time to end the common place habit of relying solely on short-term funding agreements and actually pass a budget.