Categories

Economy & Politics

Tools

  • Economy & Politics
  • Investing
  • Personal Finance
  • Related Posts


    The Corruption Of American Freedom
    A Real Estate Recovery That’s Not Quite There
    China’s Unhealthy Obsession With Looking Good
    Maybe There’s A Way To Create Good Jobs Again
    Texas Booms, Investors Yawn
    Western Democracy Is An Endangered Species On Its Way To Extinction
    There’s A Dire Shortage Of Workers In This Growing Industry
    China’s Stock Market Crash Will Create The Next Great Depression In The U.S.
    Economy Surged In Q2: Growth Revised Up To 3.7%
    As Construction Heats Up, So Does Worker Shortage
    Despite Drought, Calif. Has Record High Crop Revenue
    The Happiest (and Least Happy) Countries In The World
    Homeschooling Regulations By State
    Small Group Goes To Great Lengths To Block Homeschooling Regulation
    Ukraine Won’t Give Russia Better Debt Deal Than Other Creditors


    Senate Pushing For Major Tax Overhaul

    Tax lobbyists are getting a little nervous after Democratic and Republican leaders on the Senate Finance Committee began a legislative push to simplify the tax code by asking fellow lawmakers to identify which tax breaks, deductions and credits should be kept and which ones ought to be scrapped.

    Democrat Max Baucus of Montana and Republican Orin Hatch of Utah sent a letter to fellow Senators indicating a desire to clear the tax code of all special breaks and “start from scratch.” Senators will have until July 26 to produce a list of breaks to keep.

    “To make sure that we clear out all the unproductive provisions and simplify tax reform, we plan to operate from an assumption that all special provisions are out unless there is clear evidence that they: (1) help grow the economy, (2) make the tax code fairer, or (3) effectively promote other important policy objectives,” Baucus and Hatch told fellow Senators.

    While the effort to reform the U.S. tax code is bipartisan and involves both legislative chambers, tax reform has not been a top priority of the Barack Obama White House.

    But the Senate Finance Committee argues that a new look at the tax code is long overdue.

    “America’s tax code is broken,” the committee’s letter reads. “The last major reform of the tax code was the Tax Reform Act of 1986, which is considered by many as the gold standard for tax reform. However, since then, the economy has changed dramatically and Congress has made more than 15,000 changes to the tax code. The result is a tax base riddled with exclusions, deductions and credits.”

    The Senate Finance Committee lawmakers believe a blank slate approach will allow Congress to identify only the most important deductions and eliminate loopholes that are frequently abused in the tax code. They contend that too many tax expenditures allowed in the tax code means less revenue available to reduce tax rates or reduce the deficit.

    Discuss this Story:

    Comment Policy: We encourage open discussion. Comments including racist statements, profanity, name calling or spam will be removed at our discretion. We use filters for spam protection. If your comment does not appear it is likely because it violates the policy.

    Market Turmoil Makes September Rate Hike ‘Less Compelling’
    Trump Got The Better Of Jorge Ramos And The Media Knows It
    What Is The Point Of You, John Kasich?
    The Awesome, Terrible Majesty Of A Donald Trump Press Conference
    Most Ridiculous Defense Of Hillary Clinton’s Email Scandal. EVER.
    Fed Has Bigger Worries Than China
    Beyond Birthright Citizenship
    Recession Watch – Durable Goods Growth Slows In July, Core Capex Orders Decline 6 Straight Months
    Denver Police Arrest “Jury Nullification” Activist For Passing Out Informational Pamphlets
    In The Age Of The $10 Billion Election, U.S. Presidential Campaigns Are Running Out Of Dough
    Core Capital Goods Orders Post Largest Rise In Year
    China August Official Factory PMI Seen Shrinking To Three-year Low
    “Null Entropy” & The Festering Reality Of Global Economic Growth
    Fed Gets New Excuse To Not Raise Rates
    How Donald Trump Could Be America’s Putin
    The Obama Economy Calls To Clinton And Biden
    White House Kind Of Hints That Joe Biden Is Running For President.
    Donald Trump Can’t Answer A Direct Question, And His Supporters Love Him For It
    The Only Region In Asia Where Air Pollution Is Declining Is The Middle East
    Boeing Raises China 20-year Aircraft Demand, Says Outlook Rosy
    Fed’s Lockhart Sees 2015 Rate Hike, But Reading Inflation ‘Tricky’
    What To Expect From The Fed’s Jackson Hole Meeting
    Trump Upends New Hampshire Traditions
    Brazil’s Scandal Takes Another Toxic Turn
    Why Republicans Are Suckers for Trumpism
    Did The Crisis Of Our Lifetimes Begin Last Week?
    Why The Bear Of 2015 Is Different From The Bear Of 2008
    As China Worries Show, U.S. Economy Sailing Into Rougher Global Seas
    Why Some Indians Are Quietly Celebrating China’s Market Meltdown
    China Fears, Global Growth Doubts Grip Markets
    Read more from Economy & Politics...

    Liberty Investor Digest

    Get today's most important
    financial headlines all in
    one place by email!



    Sources


    close[X]

    Sign Up For Liberty Investor Digest™!

    Get Liberty Investor Digest FREE By Email!

    Input your name and email address in the fields below and get today's most important financial headlines sent straight to you inbox!

    Privacy PolicyYou can opt-out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.