Tax Overhaul Shouldn’t Cut Top Earner Rates, Schumer Says

Any congressional effort to overhaul the U.S. tax code should make deficit reduction a priority instead of cutting high-income Americans’ tax rates, Democratic Senator Chuck Schumer said.

“It would be a huge mistake to take the dollars we gain from closing loopholes and put them into reducing rates for the highest-income brackets, rather than into reducing the deficit,” Schumer, the third-ranking Senate Democrat, said today in a speech at the National Press Club in Washington. “The old style of tax reform is obsolete in a 2012 world.”