February 26, 2014

CÁRDENAS STATEMENT ON TAX REFORM PROPOSAL

(Washington, DC) -- Today, following the release of tax code reform details by House Ways and Means Chairman Dave Camp, U.S. Rep. Tony Cárdenas (D-San Fernando Valley), a member of the House Committee on the Budget, released the following statement:

“I agree with my colleagues who praise the tenacity shown by Chairman Camp in writing a complete overhaul of our tax code. Like my colleague, I believe your tax rate should be determined by what's fair, and not by who you know in Washington.

“Too much time and money is wasted by normal, everyday American families, trying to figure out how much they owe each year. A simplified tax code will help grow the economy and will allow those families to keep more of the money they earn. According to Chairman Camp, 95 percent of those families will have a return easy enough that it will be unnecessary to hire an accountant simply to file their taxes.

“As a former small business owner, I also applaud the opportunity this plan gives small businesses across the nation. Finally, corporate loopholes and carveouts will not give big box, chain stores a government-sponsored advantage over locally-owned businesses. As well, the Wall Street firms who put our entire economy at risk, creating the Great Recession, will be held responsible for the risk their size creates.

“Any law that begins this much massive change in a system, particularly in one that has been gamed by so many special interests, will create concerns. I know that I will not agree with everything that Chairman Camp has proposed. However, I stand ready to work with anyone, from either side of the aisle, who wants to create a tax code that builds American businesses, encourages innovation and helps American families.”

As Chairman of the Los Angeles City Council Ad Hoc Committee on Business Tax Reform, Cárdenas authored the 2004 tax reform efforts that created $92 million in tax cuts for L.A. businesses. Cárdenas’ efforts reduced business tax categories from 75 to seven and created significant exemptions that encouraged the growth of small businesses.

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