Categories

Economy & Politics

Tools

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


    Greece Votes ‘no': Now What?
    Americans Really Do Have To Work Harder To Stay Middle Class
    Ode To A Grecian Finance Minister As Varoufakis Steps Down
    Minutes To Help Crack Code Of Fed Rate Strategy
    Greece Hits The Self-Destruct Button
    The (Inadequate) Case For Economic Pessimism
    Payrolls Reaction: Stocks, Bonds, Bullion Bid; Dollar Dump-And-Pump
    Americans Not In The Labor Force Soar By 640,000 To Record 93.6 Million; Participation Rate Drops To 1977 Levels
    Train Carrying Toxic Gas Derails In Tennessee, Catches Fire; Thousands Evacuated
    Goldman “Conspiracy Theory” Validated As ECB Expands QE Program
    U.S. Police More Concerned About ‘Anti-Government’ Domestic Extremists Than Al-Qaeda, Study Finds
    Employers Added 223,000 Jobs In June
    Confused By Greek Crisis? Here’s The Lowdown
    Cruz Outburst Spotlights Fact-checking
    What’s America’s Favorite Fast Food Chain?


    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.

    Finally, Some Good News In A Depressing U.S. Income Inequality Chart
    Stop Texting Right Now And Learn From The Chinese: There’s A Better Way To Message
    Six Senators Demand Ex-Im Bank Liquidation Plan
    Vatican Releases Schedule For Pope Francis U.S. Visit
    Democrats Want Domestic Terrorism Probe After Charleston Shootings
    Greece’s Tsipras Digs In Against Bailout
    U.S. Hiring Seen Solid In June, Keeping September Rate Hike In Play
    6 Things You Didn’t Know About Puerto Rico’s Financial Troubles
    Workplace Perks That Are On The Rise
    Liberal Triumphs Could Inspire Abortion Ban
    ADP Rises To Highest Since 2014 Despite Challenger Job Cuts’ Surge To Highest Since 2010
    Manhattan Apartment Prices Soar To Record On Billionaire Bid
    Truth Is Now A Crime Against The State
    What Chris Christie Didn’t Say At His Campaign Kickoff
    U.S. Adds Most Private-sector Jobs In Six Months, ADP Says
    Shoot The Dog And Sell The Farm
    Merkel Fails EU Test
    Consumer Confidence Surges June
    Greece Offers Conditional Okay To Bailout, Germany Skeptical
    Euro Zone Factory Growth Stutters As China, Japan Heals
    China And Japan Show Hints Of Healing, Rest Of Asia Still Struggling
    Chicago PMI Prints Worst June Since 2008 As Employment Tumbles
    The Global Template For Collapse: The Enchanting Charms Of Cheap, Easy Credit
    Case-Shiller US Home Price Index Drops Most In A Year
    Is The American Youth Ready For Conscription?
    French Economy In “Dire Straits”, “Worse Than Anyone Can Imagine”, Leaked NSA Cable Reveals
    Beggar Thy Neighbor? Greece’s Battered Banks Beget Balkan Jitters
    Rand Paul Threw A Libertarian Hackathon On Pride Weekend
    The Next Greece May Be In The U.S.
    Europe May Skirt Net Neutrality With Fast Lanes For Internet TV
    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.