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1 Scott A. Hodge, Written Testimony before the Subcommittee on Select Revenues Measures of the House Ways and Means Committee on the Dynamic Analysis of the Tax Reform Act of 2014 1 (2014)

handle is hein.taxfoundation/taxfaaie0001 and id is 1 raw text is: Written Testimony of Scott A. Hodge, President, Tax Foundation Dynamic Analysis of the Tax Reform Act of 2014 Before the U.S. House of Representatives Committee on Ways and Means, Subcommittee on Select Revenue Measures July 30, 2014 Chairman Tiberi, Ranking Member Neal, and members of the Committee: Thank you for the opportunity to speak to you today about dynamic analysis of the Tax Reform Act of 2014. Just a brief background on the Tax Foundation. We were founded in 1937 and are the nation's oldest organization dedicated to promoting economically sound tax policy at the federal, state, and local levels of government. We are a nonpartisan 501(c) (3) organization. For 77 years, the Tax Foundation's research has been guided by the immutable principles of sound tax policy which say that taxes should be neutral to economic decision making; they should be simple, transparent, and stable; and they should not hinder economic growth. All of these are good reasons to reform our tax code, but economic growth ought to be the primary objective. While we all may want a simple and more equitable tax code, if such a tax code actually slows economic growth and lowers living standards, then we should reconsider those policies. And this is why dynamic analysis must be an essential tool of any effort to reform the tax code. As we'll see, there are many base broadeners that seem a reasonable tradeoff for lower rates when measured on a conventional basis, but are actually anti-growth when measured on a dynamic basis. Indeed, the biggest obstacle to crafting pro-growth tax reform is the strict adherence to the constraint of revenue neutrality measured on a conventional static basis. In order to do tax reform right, members should not have to wait for a dynamic analysis of the final tax reform plan, they should be provided a dynamic analysis of each component of the plan as it is being constructed. Only then, will members know which components maximize growth and which slow growth.

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