Tag: ‘senate finance committee’

What To Make of the Senate Finance Committee’s Tax Reform Workgroups

By :: January 15th, 2015

The Senate Finance Committee has created five bipartisan working groups to develop ideas for comprehensive tax reform by the end of May.  It is a good idea. But it is unlikely to accelerate the panel’s timetable for producing legislation. The task forces won’t develop many new ideas. Let’s be honest: For the most part, when it […]

Read More

They Saved the Must-Pass for Last

By :: December 17th, 2014

Congress has adjourned. The Daily Deduction will post on Mondays until the 114th Congress convenes.    Expired tax breaks: Renewed for 2014. Last night the Senate passed a $42 billion package of expired tax breaks by a vote of 76-16. In two weeks’ time, the tax breaks will expire. Again. Senate Finance Committee Chair Ron Wyden wanted to extend […]

Read More

Is It Time To End The Highway Trust Fund Fiction?

By :: July 10th, 2014

Congress is in the midst of another Perils of Pauline political showdown: This time the drama is over how to finance the highway trust fund, which will be unable to pay its bills in a couple of weeks. House Republicans have cooked up one set of gimmicks to keep the money flowing for a few […]

Read More

Tax Changes for Highways, Delays and Missing Links

By :: June 25th, 2014

The Senate Finance Committee takes their turn as “The Highway Men.” They’ll consider tax changes for more highway funds tomorrow with Chairman Ron Wyden’s bill to keep the Highway Trust Fund solvent through the end of the year. The plan would raise $9 billion in tax revenue over ten years. Tax code changes include: doubling […]

Read More

The Tax Extenders: Yes, Virginia, They Really Are Tax Cuts

By :: May 1st, 2014

The other day, the House Ways & Means Committee voted to cut taxes for certain businesses by $310 billion. Washington, being Washington, is now in the midst of a partisan debate over whether this is in fact a tax cut or, conversely, whether failing to cut those business levies would be a tax increase. This […]

Read More

Incoming Senate Finance Chair Wyden Outlines His Tax Agenda

By :: February 10th, 2014

Senator Ron Wyden (D-OR), about to become the new chairman of the Senate Finance Committee, said Friday that he aims to eventually rewrite what he described as a “dysfunctional, rotting mess of a carcass that we call the tax code.” But in an acknowledgement of the challenges of tax reform, Wyden said he wants to […]

Read More

The Year in Taxes: From the Fiscal Cliff to Tax Reform Talks

By :: December 12th, 2013

The year in taxes started with the nation toppling, briefly, over the fiscal cliff. And it ended with some interesting policy proposals on tax reform though little political progress. Remember the fiscal cliff? While that crisis was resolved on New Year’s Day, it really began in 2001, when President George W. Bush signed the Economic […]

Read More

Baucus Proposes International Tax Reform But Future Action Remains Uncertain

By :: November 19th, 2013

In an effort to jumpstart moribund tax reform efforts, Senate Finance Committee Chairman Max Baucus (D-MT) is suggesting major changes in the way U.S.-based multinational corporations are taxed on their overseas income. The plan is quite specific (even including legislative language and a 90-page technical summary) but it is not a formal proposal and leaves many […]

Read More

The Baucus-Hatch “Blank Slate” Approach to Tax Reform Could Be Revolutionary

By :: July 3rd, 2013

No one quite knows what exactly Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) mean when they say they will rely upon a “blank slate” as the starting point for tax reform discussions. But done carefully and with political artistry, taking advantage of their unique power, Baucus and Hatch could […]

Read More

Can The Baucus-Hatch Blank Slate Plan Jump Start Tax Reform?

By :: June 27th, 2013

Senators Max Baucus (D-MT) and Orrin Hatch (R-UT), the chairman and senior Republican on the Senate Finance Committee, tried to jump-start the drive towards tax reform today with what they call a blank slate rewrite plan. Trouble is, it is not exactly a plan. And it isn’t quite a blank slate. Their idea is to get senators […]

Read More