Congressman Adrian Smith supports extending the Bush-era tax cuts set to expire at the end of the year.
“We need to extend them,” Smith says. “I think not to extend them, even as former President Clinton has indicated and then folks from both sides of the aisle have indicated that it would hurt our economy to just let them expire at the end of this year.”
Smith says the economy remains fragile with unemployment stubbornly high. Smith says all the tax cuts need to be extended, because it wouldn’t be good for the economy to extend some and not extend others. Yet, Smith says Congress needs to look beyond the Bush-era tax cuts if it wants to truly help the economy.
“We need to look at this in the context, though, next year of achieving and accomplishing comprehensive tax reform,” according to Smith. “Like I said, it won’t be easy to address this tax reform but I hear from people who say that they would give up a preference in the tax code they currently enjoy in exchange for a lower rate.”
Smith says tax reform should be neutral, neither raising nor lowering revenue for the federal government.
“But it will be more straight-forward and simplified in its approach which we hear from folks on the front lines of our economy would be good,” Smith says. “It would be good for businesses. It would be good for individuals and we can grow tax revenues as a result of growing our economy through a more straight-forward tax code.”
Smith is a member of the United States House Ways and Means Committee, the chief tax-writing committee.
AUDIO: Congressman Adrian Smith comments on extending the Bush-era tax cuts. [:15]