Monday, August 6, 2012

H.R. 6169-The New GOP Regressive Federal Tax Scheme

I have now received two congressional updates by GOP congressmen on the new GOP regressive tax scheme.  Here is what I just received related to the same:

"Thursday, the United States House of Representatives approved H.R. 6169, the Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012, by a vote of 232-189. H.R. 6169 would provide an expedited pathway to pro-growth tax reform in 2013. The bill would require the House of Representatives and United States Senate to consider tax reform legislation according to an expedited timeline. Under the bill, expedited procedures would be applied to a tax reform bill containing principles included in the last two House-passed budgets: (1) consolidation of the current individual income tax brackets into not more than two brackets and a top rate of not more than 25 percent; (2) reduction in the corporate tax rate to not more than 25 percent; (3) repeal of the Alternative Minimum Tax; (4) broadening of the tax base to maintain revenue between 18 and 19 percent of the economy; and (5) change from a ‘‘worldwide’’ to a ‘‘territorial’’ system of taxation."

I tried to get some detail related to this new scheme that is clearly a regressive federal tax policy scheme that clearly benefits the rich and the corporates.  The details are lacking and I cannot find any explanation of what is a "territorial system of taxation."  Nor have I seen any democrats respond to this GOP sponsored tax scheme.

When I see a lack of detail like H.R. 6169, my hope is this kind of tax scheme is and should be rejected regardless of the name of the act.  Simple and Fairer. 

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