WASHINGTON—Today, U.S. Senator Tom Carper (D-Del.), a member of the Senate Finance Committee, released the following statement on President Trump’s plan for comprehensive tax reform.
“Last month, the administration paraded out its proposed budget that would wipe out programs that help the neediest among us, all in the name of fiscal responsibility. Today, President Trump unveiled his plan for comprehensive tax reform that will add trillions of dollars to the federal debt, flying in the face of this administration’s supposed dedication to deficit reduction. In fact, it’s a total affront to fiscal responsibility.
“I agree with experts that it would greatly benefit our economy and our country’s families and businesses to enact comprehensive tax reform. There’s no doubt about it, both the corporate and individual tax codes are in dire need of an overhaul. Both are riddled with inefficient loopholes and tax expenditures. Both are far too complicated and provide too many opportunities for some taxpayers to ‘game the system’ to avoid paying taxes. Both impose tax rates that are too high when compared to our international competitors. But these expensive tax giveaways to the wealthy are not the type of ‘reform’ this country badly needs and wants.
“I look at every tax reform proposal through a prism of four questions. Is it fair? Does it foster economic growth? Does it simplify the tax code, or make it more complex? Is it fiscally responsible? I believe the president’s plan fails on all of these fronts. I hope President Trump will go back to the drawing board and work with Congress in a bipartisan way to enact comprehensive tax reform that will help every American business and family compete and thrive in the global economy.”