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Tax law

Senator Ron Wyden's Stance on Tax Rate Compromise and Tax Reform

Strategic Insights

— 1 min read

Senator Ron Wyden (D-OR) expressed concerns about the tax-rate compromise and emphasized the need for tax reform, stating that the proposed extension of the Bush tax cuts for two years would create a culture of procrastination in the Senate and hinder efforts to reform the tax code.

In an interview with Lawrence O'Donnell on "The Last Word with Lawrence O'Donnell," Wyden expressed support for protecting the middle class and small business, as well as extending unemployment benefits. However, he stated that he would vote against the compromise, citing concerns that it would lead to the same debate in the lame-duck session of 2012. Wyden suggested that the Senate should focus on reforming the tax code by cleaning out special-interest tax breaks and holding down rates for everyone, which would create millions more jobs than during the Bush years.

Key Takeaways:

  • Senator Wyden expressed concerns about the tax-rate compromise and its potential impact on tax reform, stating that it would create a culture of procrastination in the Senate.
  • Wyden supported extending unemployment benefits and protecting the middle class and small business, but opposed the compromise.
  • He suggested that the Senate should focus on reforming the tax code by cleaning out special-interest tax breaks and holding down rates for everyone.
  • Wyden predicted that the decision to extend the Bush tax cuts for two years would make tax reform harder, citing the difficulties in addressing special-interest tax breaks.
  • He expressed optimism that 20 senators of both parties would work together on tax reform in 2011.

Statistics:

  • 83 senators voted to proceed to a vote on the Obama tax compromise.
  • The Senate will vote on passage of the bill around noontime on the day after the interview.
  • 20 senators have indicated that they will push for tax reform in 2011.
  • The realized tax rates for people in the 35% tax bracket are typically between 28-30% due to deductions.
  • Millions more jobs could be created through tax reform.

Sources:

  • MSNBC "The Last Word with Lawrence O'Donnell"
  • Senate website (cited in the interview)
  • Federal News Service, Inc. (cited as the copyright holder)

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