WASHINGTON – With consensus building in both parties toward pro-growth tax reform that would eliminate loopholes and lower rates for all Americans, U.S. Senator Bob Corker, R-Tenn., today opposed the so-called Buffett Tax, saying it is “counterproductive.”
“There’s tremendous bipartisan consensus building toward pro-growth tax reform that eliminates loopholes so we can lower everyone’s rates, simplifies the tax code and broadens the base, and the Buffett Tax would move us in the opposite direction and be highly counterproductive. What we need to move the economy into high gear is pro-growth tax reform accompanied by a plan to restore the solvency of Social Security and Medicare and reduce long-term deficits,” Corker said.
In March 2011, Senator Corker was among 64 senators – 32 Republicans and 32 Democrats – who sent a letter to President Obama pledging support for the kind of deficit reduction plan set forth by the Simpson-Bowles commission, which included comprehensive tax reform. Six months later, after the Budget Control Act was passed, Corker again joined 45 Democratic and Republican senators in calling for the Joint Select Committee on Deficit Reduction (commonly known as the “supercommittee”) to “go big,” cutting the deficit by $4 trillion over a decade and implementing pro-growth tax reform.
The Joint Committee on Taxation estimated the Buffett Tax would raise $47 billion over the next ten years. The approximately $5 billion in additional revenue each year would cover less than two days of projected 2012 deficit spending.