State-legal marijuana producers and retailers are seeking to take advantage of deductions they are now denied under their ambiguous legal status. But some may want to get into the tax system just so they can harvest the many generous deductions it offers.
In Washington's current dysfunctional atmosphere, attempts at real tax reform are likely to get lost in the cacophony, Gleckman writes. But for many in Washington, replacing serious debate with loud short-term squabbles over phony fiscal crises is exactly the idea.
It's not pretty. To offset the cost of tax reform, Congress may have to eliminate trillions of dollars in tax preferences for individuals and businesses. Gleckman walks readers through who's saying what on the topic right now.
President Barack Obama proposed cutting corporate tax rates and using the revenue to generate jobs. Republicans shut it down. Is the tax reform battle stuck at an impasse?
Senate Finance Committee Chairman Sen. Max Baucus (D-Mont.) and House Ways and Means Committee Chairman Rep. Dave Camp (R-Mich.) could not only push forward a more fair, pro-growth tax code but also shrink the government's role in the economy, Marron says.
Senators Max Baucus (D-Mont.) and Orrin hatch (R-Utah) are pushing forward a blank slate rewrite plan, but Gleckman says they are off target. Tax reform will come with a specific set of rates and limited preferences — not a blank slate, Gleckman argues.
The Internal Revenue Service may need to be restructured after the agency was found improperly targeting conservative groups seeking nonprofit status, say Rep. David Camp (R) and Sen. Max Baucus (D), chairmen of congressional tax-writing committees.