Matt Rutherford's Solo Sail

Floor Speech

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Ms. COLLINS. Mr. President, today I will vote in favor of proceeding to the President's latest tax plan because it is essential we begin the debate on comprehensive tax reform. I do this despite my disappointment that the President has not proposed a serious starting point. Our Nation's tax code needs to be overhauled, from top to bottom. The tax plan offered by the bipartisan Bowles-Simpson Commission--a commission the President himself created--offered a proposal a year and a half ago that should have been the foundation for a serious debate for such an overhaul. But the President failed to show leadership, and allowed that proposal to wallow. Instead, he has asked us to consider a bill today that he himself has called ``a gimmick.''

I believe we should be debating comprehensive tax reform aimed at creating a simpler, fairer, pro-growth tax code. Such reform should lower rates for job creators and middle-income Americans, while increasing the share of taxes paid by the wealthy.

A key to reform is simplification: just last year, according to the IRS, there were 579 changes to a tax code that is already more than 65,000 pages long. No one can keep up such complexity--it hobbles our economy, and exasperates the American taxpayer.

I have said that multimillionaires and billionaires can pay more to help us deal with our deficit, and I have voted for surtaxes on the very wealthy in the past. In fact, I have even introduced legislation calling for such surtaxes. However, I have maintained that any such legislation must include a ``carve out'' to protect small business owners who pay taxes through the individual income tax system. Our nation's small businesses must not be lumped-in with millionaires and billionaires and exposed to the same type of taxes designed for the very wealthy. That is why a ``carve-out'' to shield small businesses owners from tax increases is so important. These small business owner-operators are on the front lines of our economy, and of the communities in which they live. The income that shows up on their tax returns is critical to their ability to finance investment, and grow their businesses. Left in their hands, this income will lead to more jobs, and will buy the tools that help American workers compete.

Comprehensive tax reform and simplification is not only a matter of fairness, but is essential to laying the foundation for our nation's long-term economic growth. There is no contradiction between fairness and growth--both can be advanced together. I urge my colleagues to join me in seeking true reform that advances both of these goals.

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