Daily Deduction

from the Tax Policy Center

Tax Reform: one foot in front of the other

By :: February 27th, 2014

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It’s a marathon, not a sprint. Short-takes of House Ways and Means Chair  Dave Camp’s tax reform plan continue to come in. Senate Finance Committee Chair  Ron Wyden  and ranking Republican Orrin Hatch  encouraged  Camp’s effort without exactly endorsing his proposal.  TPC’s Howard Gleckman reminds the tax policy crowd that Camp’s plan is just one leg of a miles-long relay.

Mixed Reviews Off  the Hill. Budget hawks worry about the plan’s long-term impact on the federal debt. The conservative National Taxpayers Union says it “needs work.” And the progressive Center on Budget & Policy Priorities worries about its budget gimmicks and thinks tax reform ought to be raising revenue in the long run.

Yellen on Monetary Policy. Newly appointed Federal Reserve Board chair Janet Yellen gives her first report on monetary policy to the Senate Banking  Committee this morning. She’ll let the committee know whether the economy has merely been stuck in a frozen snowdrift or whether the Fed is concerned about a more permanent slowdown.

In the near future, mark your calendars for March 5:

Obama’s Treasury Budget. Treasury Secretary Jack Lew is scheduled to testify  at the Finance Committee’s  on the President’s 2015 budget.

Tax Credits for Working Families will host a webinar on the details and potential impact of the President's proposal to increase the federal Earned Income Tax Credit. Speakers include: Aviva Aron-Dine of the Office of Management and Budget; Robert Doar of the American Enterprise Institute; TPC’s Elaine Maag; Sharon Parrott of  the Center on Budget and Policy Priorities, and Deborah Stein of Tax Credits for Working Families. Register here.