Tax Reform and Fiscal Responsibility
The New Democrat Coalition's Principles for Comprehensive, Growth-Focused Tax Reform (Released 2011):
In the past 25 years, the global economy has become increasingly dynamic and interconnected. To help American businesses and workers succeed, our nation’s system of taxation needs to evolve to reflect the challenges facing modern businesses and opportunities for growth as well as address how individuals earn and utilize their income
Since 1986, Congress and various Administrations have added layer upon layer of targeted – and often temporary – tax benefits to the code. While a number have merit, many have proven ineffective in spurring economic growth and innovation, and the end result is a system that is mired with inefficiencies and instability, imposes burdensome compliance costs that impede economic growth and impairs the ability of businesses and individuals to plan ahead and compete. With debt levels at historic highs and threatening future economic stability, it is further imperative that tax reform create a pro-growth environment. An improved tax code will provide certainty for individuals and businesses as well as a stable and efficient source of revenue for essential government investments and services.
What They're Saying About the New Dems' Efforts to Overhaul America's Tax Code:
POLITICO: The New Democrats are preparing to take an active role in the upcoming tax reform debate...manufacturing and R&D credit expansion tops the agenda for the Coalition, and recognizing the economic growth that stems from including tax provisions supporting those industries in tax reform could help lawmakers expand those tax benefits.
Bloomberg BNA: "'I think there's great consensus around here that we've got a tax code that's not working for businesses and for working families, and it has to be simplified, but we also have to pay for it,' said Rep. Ron Kind (D-Wis.), the Coalition's chairman."
More on Tax Reform and Fiscal Responsibility
Today, New Dem Members Reps. Scott Peters, Kathleen Rice, Susan Davis, and Don Beyer met with National Institute of Health (NIH) Director Dr. Francis Collins, doctors, researchers, and patients and toured several research labs including National Heart Lung and Blood Institute (NHLBI), National Institute of Arthritis and Musculoskeletal and Skin Diseases (NIAMS), and National Institute of Nursing Research (NINR).
Today the House passed the Financial CHOICE Act, a bill that will dismantle the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Dodd-Frank is a pro-growth, pro-market oriented policy that has improved accountability in the financial system and protected consumers, investors, and the economy from abusive practices. If the CHOICE Act becomes law, financial institutions will once again be able to undertake risky practices and could trigger another financial crisis.
The New Democrat Coalition Chair Jim Himes (CT-04) released the following statement on President Trump’s proposed budget:
Today, 46 New Democrat Coalition Members sent a letter to President Trump on the opportunity to move a big infrastructure package tied with tax reform. For too long, Congress has relied on irresponsible, stop-gap measures that hinder economic growth and make it more difficult to revitalize our outdated infrastructure and Byzantine tax code.
New Democrat Coalition Chair Jim Himes issued the following statement after the House of Representatives passed the omnibus appropriations bill for Fiscal Year 2017:
While Congress works to pass a Fiscal Year 2017 appropriations bill this week, Members of the New Democrat Coalition sent a letter to Speaker Ryan and Budget Committee Chair Diane Black outlining priorities for the Fiscal Year 2018 budget resolution.
Specifically, New Dems implore that the following key policy areas are addresses in the budget:
New Democrat Coalition Chair Jim Himes issued the following statement after the House of Representatives passed a continuing resolution to fund the federal government:
“Today, we were able to pass a funding bill to keep the government open without any poison pills like money for the President’s border wall or defunding Planned Parenthood, which provides vital health services to millions of women each year.
New Democrat Coalition Chair Jim Himes issued the following statement on the outline of a tax plan President Trump put forward today:
Today, New Democrat Coalition Members Rep. Susan Davis (CA-53) and Rep. André Carson (IN-07) led a letter to the Committee on Appropriations requesting increased funding for the National Institutes of Health’s (NIH) research into diseases that affect millions of Americans. Specifically, the letter calls for funding of at least $2 billion above the Fiscal Year (FY) 2017 enacted level for NIH.
The New Democrat Coalition Chair Jim Himes (CT-04) released the following statement on President Trump’s Skinny Budget: