Categories

Economy & Politics

Tools

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


    Save Companies From Drowning In Cash
    Greece’s Predicament In One Scary Chart
    Big Brother Is Watching You Run Errands
    Mitt Romney Announces He Is Not Running For President
    Why Are Central Banks Terrified Of Debt Restructuring?
    “Everything Is Awesome” American Consumers Are The Happiest In 11 Years
    Thanks Obamacare: This Is What Americans Spent The Most Money On In Q4
    Crucial Employment Cost Index Growth Slows
    John McCain Threatens Anti-Kissinger Protesters With Arrest, Calls Them “Low-Life Scum”
    Wealthy Living: Richest County In Each State
    What Happens To Shale Boom Towns Now?
    The Oil Bust Is Hitting Business Investment, But The US Economy Is Doing Just Fine
    Russia Can’t Figure Out How To Fix Its Ailing Economy
    U.S. Economy Cools In Fourth Quarter, But Consumer Spending Shines
    Russian Central Bank Makes Surprise Interest Rate Cut


    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.

    U.S. Labor Costs Up Solidly In Fourth Quarter
    Expect Republicans To Add Teeth To Iran Sanctions Bill
    Argentina Loses Its Intelligence
    Putin’s Unexpected Victory: Europe Furious That Greece Is Now A Russian Sanctions Veto
    Initial Jobless Claims Collapse To 15 Year Lows But Shale States Job Losses Explode
    Bill Gross Slams Broken Capitalism
    Germany Is Officially Back In Deflation: Stocks Slide
    Norway Regulator Fears Housing Bubble “Isn’t Sustainable”
    “Monetary Policy Has Lost Any Semblance Of Discipline,” Stephen Roach Slams “QE Lemmings
    Crude Contagion: California’s Kern County Declares Fiscal Emergency Due To Plunging Oil Price
    Why U.S. Colleges Should Welcome Undocumented Immigrants
    Fed Upbeat On U.S. Economy, Cites Strong Job Gains
    Fed Tea Leaves: Rate Hike Coming Midyear?
    U.S. Companies Cut More Than 1m Jobs A Month. When Did Workers Stop Mattering?
    Military Signs Deal For ‘Next Gen Passwords’
    Romney’s Huge IRA Makes A Comeback In Obama Retirement Proposal
    Low Oil Prices Could Send Economy Into Recession
    Five Reasons You Shouldn’t Believe The Government’s Debt Projections
    The What And The Why In Fed’s Next Moves
    Why Europe Will Cave To Greece
    Russia To Spend $35bn On Rescue Plan
    “Shadow Of The Crisis Has Not Passed”: Durables Goods Orders Collapse
    Aircraft Carrier Stennis Has Biggest Ordnance Onload Since 2010
    As The Middle Class Evaporates, Global Oligarchs Plan Their Escape Form The Impoverished Pleb Masses
    The Stunning Difference Between Unionized And Non-Unionized Wages
    Tax Reform Isn’t A Unicorn
    What Does Russia’s Junk Rating Mean?
    Does The Social Safety Net Make Us Lazy?
    Why Saudis Are Holding Strong On Oil
    Why Putin Will Fight On In Ukraine
    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.