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You know, i think that its my question suggests, at least i view it, is that it is a neithernor process but equity on the low reduce the burden on low and middle class is not just morally responsible but about two thirds of the economy is fueled by Consumer Spending and lower and middle class families have a higher percentage that they need and spend on goods and services. So in that respect i think it makes sense to be looking at how the consequences of reform deal with them not just on corporate taxes as well because i think it will fuel spending that will help private sector profits. Senator packwood, at the end of your testimony, in 1983, 1900 people who earned a million or more paid no federal tax and that fact was due to a myriad of special interest loopholes clogging the arteries of the tax code before 86. And as you noted in your testimony, the product that passed the finance committee 200 and would later become law rai ....
Capital gain, youre going to end Chuck Grassley up with much higher, generate. And indeed, thats whats happened when president clinton came in. Capital gains went back in and the rates went to 39 . And seems to me that theres a lot more coherence in a bill with a lower rate that treats capital and labor the same. Thank you, senator. Thank you, both, for coming. I want to start with something you both touched on in your opening statement, but to get more specific, and so ill start with with senator packwood, but ill ask senator bradley the similar question. It deals with the robert bob w. Packwood process of president ial reform. Do you think tax reform would have happened if president reagan had not made tax reform a priority in his administration and a follow on and then isnt it going to take at least that much commitment or involvement from president obama with with his own party in congress to get a tax reform bill enacted and ....
And then you have a little more wiggle room using either side of that equation to be able to reach your revenue neutrality. Okay, bill. Senator. We, of course, did it revenue neutral. I think the times today probably might require some additional tax. But i believe thats something that the committee has to work out itself. If you really do thorough tax reform, what you find is at least we found that upper income americans will pay a higher percent. For example, we cut the rate from 50 to 28 and yet the top 5 paid a higher percent of the total tax revenue after that reduction than before. Well the u. S. Is one of five Major Economies operating on a worldwide tax system. Meaning it currently taxes the income of its companies wherever that income is earned. Even if its not in our country. Currently companies have profits they earn back to the u. S. But they face a tax of 35 minus foreign tax credits. Those would not pay this additio ....
So thank you for your leadership. Hearing is adjourned. Later today the Brookings Institution hears from tony blinken to talk about current priorities and future prospects for u. S. Engagement in central asia. That will be live on cspan starting at 3 30 p. M. Eastern. And Runoff Election scheduled for april 7th in chicagos mayoral race. Rahm emanuel faces his challenger chewy garcia. It is hosted by ttwtv in chicago. Neither won a majority this februarys election. You can see the Candidates Forum starting tonight at 8 00 on cspan. Today is the ted line for an agreement in the Nuclear Talks with iran. A reporter joined us this morning on washington journal to give us an update on the negotiations taking place in swizer land. Thomas erdbrink joins us on the p ....