Categories

Economy & Politics

Tools

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


    “Welcome To The Contraction”: Q1 GDP Drops By 0.7%, Corporate Profits Crash
    Greece Slides Back Into Recession As Deposits Hit 11-Year Low
    Japan Issues Highest Alert, Evacuation Warnings After Volcano “Explosively” Erupts – No Injuries Reported
    Martin Armstrong Warns “This Time Is Very Different”
    America Has No Enemy More Lethal Than The Neocon
    The Clinton Foundation Paid Sidney Blumenthal $10K/Month As He Gave Horrible Libya Advice To State Dept
    The Next Obamacare Fight: Who To Blame
    Deaths In Ukraine Aren’t Putin’s Priority
    John Nash’s Game Theory And Greece
    Republican Blindness On Iraq
    FIFA Faces The Nuclear Option: World Cup Boycott
    U.S. Saw Islamic State Coming, Let It Take Ramadi
    With Over 1,800 Dead, This Is India’s Deadliest Heat Wave Since 1979
    OPEC Says That Its War With Shale Is Far From Won
    How Social Security Could Help Fix Retirement Inequality


    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.

    Economy Shrank 0.7% In The First Quarter
    Former House Speaker Hastert Indicted For Illegal Cash Withdrawals
    U.S. Economy Likely Shrank In First Quarter
    Fed Rate Hike In 2015 Not Consistent With Mandate
    Putin Slams US Over FIFA Arrests: “Another Blatant Attempt By America To Meddle Outside Its Jurisdiction”
    Financial Insanity Grips The World
    Initial Jobless Claims Rise, Miss Expectations – Gone Nowhere Since The End Of QE3
    Greece Owes $1.2 Billion To Drugmakers As Government Can No Longer Afford Basic Medical Supplies
    Even If Patriot Act Expires, Government Will Keep Spying On All Americans
    Crony Capitalism At Work – Boeing Threatens To Leave US If Ex-Im Subsidy Yanked
    GOP Split: What To Hate About Obamacare
    Hillary Clinton And The New Litmus Test
    GOP Moderates In Disguise
    Rick Santorum’s Only Chance
    ‘One Man, One Vote’ Keeps Changing
    U.S. Jobless Claims Up, But Still Point To Labor Market Strength
    China May Official Factory PMI Seen Lackluster Despite Stimulus Moves
    Fed’s Williams Expects Above Trend U.S. Growth Rest Of The Year
    Japan April Retail Sales Rebound, Ease Pressure On BOJ
    Are Hedge Funds Worth More Than Kindergartens?
    Iraq Trolls US, Calls Latest Military Operation “We Are At Your Services, Hussein”
    The NSA’s Technotyranny: One Nation Under Surveillance
    Hillary Clinton’s State Department Approved $165 Billion In Arms Deals To Clinton Foundation Donors
    Sotomayor And Roberts Clash As Supreme Court Expands Power Of Bankruptcy Courts
    Democrats Root For Ted Cruz To Win Republican Nomination
    We May Be Putting Too Much Trust Into University Degrees
    A Shanghai Artist Has Been Detained For Comparing China’s President To Hitler
    As IRS Mops Up Data Leak, Years Of Breaches Come Back To Haunt
    Jobless? Blame Corporate America’s Borrowing Binge
    FIFA’s Day Of Reckoning: 9 Indicted On U.S. Bribery Charges
    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.