“For last year’s words belong to last year’s language. And next year’s words await another voice. And to make an end is to make a beginning.” – T.S. Eliot
On Tuesday, Rep. Paul Ryan (WI-1) succeeded Rep. Dave Camp (MI-4) as the new Chairman of the House Committee on Ways and Means. This powerful committee oversees the nation’s tax legislation and Ryan has already signaled that major tax reform is going to be a high priority.
When interviewed by the Washington Examiner in September, Ryan indicated his focus would be pro-growth legislation and moving away from static scoring if he became Chairman of Ways and Means.
This is game changing for the FairTax because static scoring is the traditional scoring methodology for proposed tax legislation that estimates revenue generation, but it does not reflect the impact a piece of legislation may have on economic growth or recession.
Senate Finance Chairman Orrin Hatch went so far as to label static scoring as a “downright dumb and intellectually dishonest” methodology.
To illustrate Hatch’s point, Dailer Caller’s Rachael Stolzfoos pointed out, “Under the CBO and JCT’s current “static” scoring system, an income tax rate increase from 30 percent to 100 percent would give the government a 70 percent increase in tax revenue — an analysis which leaves out the obvious fact that few people would be willing to work at all if 100 percent of their paycheck went to the federal government.”
Given the way that HR 25 has been previously scored by the JCT (Joint Committee on Taxation), we wholeheartedly agree with Chairman elect Ryan that it is long past time that Congress use dynamic scoring when evaluating tax reform legislation.
Ryan also indicated he likes “specifics” and wants “ideas” that “people are willing to fight for,” even “if they don’t go all the way.” That’s great news for the FairTax.
H.R. 25 / S. 122, The FairTax Act, is the most specific, most detailed most researched of any tax reform plan before Congress. And for 15 years the American people have stood behind and fought for its’ passage. And our fight continues today.
We congratulate Chairman-elect Ryan and look forward to working with him in the coming months. And, we thank outgoing Chairman Dave Camp for his efforts towards getting a first ever, Ways and Means vote on H.R. 25.
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Finally, next Thursday is Thanksgiving. Erma Bombeck once said, “Thanksgiving dinners take eighteen hours to prepare. They are consumed in twelve minutes. Half-time takes twelve minutes. This is not coincidence.”
Happy Thanksgiving and happy half time!