Have thoughts on the Tax Code in the USA???
It appears the Senate Tax Writers are starting from scratch. Using a blank slate, "The intent is to lower tax rates that in turn will stimulate the economy".
Call me a pessimist but I have heard that before!
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Credit to Al Clark...for this article!!
Topic Summary: Tax Reform Engaging Congressional LeadersTax Reform is underway on Capitol Hill. The Senate tax-writers have adopted a "Blank Slate"
From a website created for the effort:
"In order to make sure that we end up with a simpler, more efficient and fairer tax code, we believe it is important to start with a "
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."
The Democratic and Republican leaders of the Senate Finance Committee recently began a legislative push to
Senator Max Baucus, on the left, and Senator Orrin Hatch want to start work on the tax code by clearing it of special breaks, unless those breaks meet specific goals.
In the House, the committee that works on tax measures is called the Ways and Means Committee and it is headed up by Dave Camp, (R-Mich). This Committee hasheld many hearings on tax reform and has built "working groups" to arrive at a game plan for tax reformNormally Senators are tasked with the need to eliminate tax breaks but Senator Baucus and Senator Hatch thought that it is easier for Senators to come up with their list of deductions and breaks they want SAVED.
Every $2 trillion in individual tax breaks added back to their "blank slate" would raise tax rates 1.3 to 2.2 percentage points. In other words, Senators must decide between popular tax breaks and low income tax rates. It's easy to see how all consumers could benefit from comprehensive tax reform.