The Joint Tax Committee’s Tax Reform Working Group Report is must-read material for tax geeks, or even normal people who want to keep up with the ongoing debate over tax reform, Gleckman writes.
Corporate tax reform is impossible without addressing international issues, Gleckman writes. Yet, this corner of the tax law is not only immensely complex but most proposed solutions inevitably run into massive political and policy roadblocks.
In spite of its widespread use and large fiscal cost, the mortgage interest deduction does little to promote home ownership, Toder writes. It provides no subsidy to the nearly two-thirds of taxpayers who do not itemize and only a modest subsidy to those in the 15 percent bracket.
Some believe the retirement of Senate Finance Committee Chairman Max Baucus will increase the likelihood of tax reform, but Gleckman argues his retirement may not result in a tax code rewrite.
Dave Camp, House Ways and Means Committee chairman, said Thursday that involving more members of Congress in budgeting and deficit-cutting could yield, if not a 'grand bargain,' at least a modest deal.
As Tax Day nears, Americans in the throes of preparing their returns may be dreaming of a simpler tax code. Here's why tax reform is such a tall order for Congress – and how two lawmakers are laying the groundwork for it now.
If Congress wants to encourage risk-taking, it may be better off focusing on new businesses, not small businesses, Gale writes.
Backers of a territorial tax system argue that the current worldwide system puts US firms at a competitive disadvantage since they must pay the high US tax rate on repatriated profits earned by their affiliates in low-tax countries, while multinationals based in territorial countries pay only the local tax rate on these profits, Toder writes.