During an interview on CNBC’s “Squawk Box” on Thursday morning, Senator Bob Corker (R-Tenn.), a member of the Senate Budget Committee, discussed tax reform and the need to close a minimum of $4 trillion in loopholes and special interest deductions.
He said, “(Tax reform) is something that can be great for our nation. I’m all in. I think you know it was the Corker-Toomey, Toomey-Corker compromise in the budget committee that’s allowing this to go forward, and now we begin the tough work. This will be the biggest tax rewrite since 1986. It’s a tremendous undertaking.
“The spinach of this is… the $4 trillion in loophole closings, (tax) credit closings, simplifying the code that needs to take place."
Senator Corker said the effort "will only be successful if lawmakers and the administration have the courage to make hard decisions and stand up to special interest groups."
He said, “I’m all in (for) closing $4 trillion of loopholes. I’m all in for locking arms and having the intestinal fortitude to do it. We have to have appropriate scoring, but I was willing in the budget committee, as a deficit hawk, to give that trillion dollars headroom… I believe if we will lock arms, be tough, close these loopholes, do the things we need to do on the business side, I believe we can get the growth, but it has to prove itself out.
“I have 14 months left, and I’m going to go out with afterburners trying to make good things happen. '