The Tax Policy Center, a project of the liberal-leaning Urban Institute and Brookings Institution, released a new analysis this week of Senator Mike Lee's family-friendly tax reform plan. According to TPC, the Utah Republican's plan would reduce federal revenues by $2.4 trillion over 10 years, a much larger reduction than suggested by initial estimates.
In a statement to THE WEEKLY STANDARD today, Lee responded to TPC's analysis and announced that he's already working with Florida senator Marco Rubio on a "new, comprehensive, pro-family, pro-growth tax reform proposal that we hope to introduce later this year."
Lee's full statement:
I thank the Tax Policy Center for their thorough work on my initial proposal to reform the individual income tax code and restore tax fairness to middle-class parents and families.
As I announced upon its introduction, the Family Fairness and Opportunity Tax Reform Act was meant as a first draft of a broader project to make the entire tax code simpler, fairer, and more pro-growth.
Initial estimates suggested the plan would yield a modest overall tax cut compared to the pre-Obamacare baseline. TPC's model scores it somewhat lower than that, and that's valuable information we can incorporate into the next revision.
Senator Marco Rubio and I have already begun work on a new, comprehensive, pro-family, pro-growth tax reform proposal that we hope to introduce later this year. Elimination of the Parent Tax Penalty should be a top priority for conservatives, and at the center of the overdue tax reform debate.