(Washington D.C.)- Rep. Sander Levin (D-MI) today released the following statement regarding Ways and Means Chairman Rangel’s introduction of the Tax Reform and Reduction Act of 2007.

“Chairman Rangel’s legislation proposes a comprehensive framework for overhauling our tax system,” said Rep. Sander Levin.  “It has the right priorities – fairness, tax relief for middle class families, simplification, and the promotion of economic growth.”

“91 million families would get a tax cut.  The bill permanently eliminates the Alternative Minimum Tax which will impact 23 million taxpayers this year and millions of middle class families in future years unless repealed. Millions of taxpayers would benefit from an increase in the standard deduction and more working families would be able to use the child tax credit and the earned income tax credit which have proven so effective in providing relief to those experiencing the ‘middle-class squeeze’ of stagnant wages and the rising costs of health care, higher education and other expenses.”

“The legislation curtails a number of inequities that undermine the average American’s confidence in our tax system.  In particular, it will end the ability of private equity and other investment fund managers to pay the 15 percent capital gains rate on their compensation when other Americans who provide services pay up to 35 percent.”

“Finally, the bill simplifies our corporate tax system, broadening the base and lowering the corporate tax rate from 35% to 30.5% in order to enhance economic growth.  I am also particularly pleased that the bill rewards domestic production.”

“Importantly, the Rangel bill is fiscally responsible.  It adheres to the pay-go rules that the new Democratic Congress established at the beginning of the year.  It sets important priorities for our individual and corporate tax system and remains revenue neutral.”

**To view Rep. Levin on FOXBusiness discussing the Tax Reform and Reduction Act of 2007 click here.

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