GREENSBORO, N.C. -- State and federal Republican lawmakers came out in support of the White House's new tax reform plan at a news conference in Greensboro on Tuesday.
U.S. Representative Mark Walker, U.S. Representative, Ted Budd, Lieutenant Governor Dan Forest, State Rep. John Hardister and State Senator Rick Gunn were all in attendance.
The tax plan, released by the White House roughly two weeks ago, is in its beginning stages and there are a lot of details that still need to be ironed out.
The plan calls for major tax cuts for businesses and lower income tax rates for many Americans. It would double the taxpayer's standard deduction but would get rid of personal exemptions.
"The federal government needs to take lessons from our state legislature and enact similar, pro-growth reform," Congressman Budd said at the news conference.
Lawmakers spoke in favor of North Carolina's tax measure that passed in 2013. The tax measure reduced the former three-tiered income tax rate to one tax rate. It also lowered the tax rate for corporations.
Democratic lawmakers, however, are speaking out against the new plan and say North Carolina's tax reform measures should be seen as a cautionary tale.
“North Carolina’s Republican tax reform prioritized corporations and the wealthiest few over average North Carolinians, stunting economic growth and leaving families struggling to make ends meet,” NCDP Chairman Wayne Goodwin said in a news release. “Congress should not make the same mistake.”
The Tax Policy Center predicts the cuts would add $2.4 trillion to the national debt over the next decade.
Congressman Mark Walker said the GOP aims to pass the tax reform plan by the end of the year.
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