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.
Paul Ryan's tax play mimics the tactics of the 2012 campaign, Gleckman writes, promising tax reform built around wildly ambitious but gauzy rate reductions without a word about how to pay for them.
Making the tax code less complicated and more efficient may not achieve the rate-cutting, base-broadening reform many want, Gleckman writes, but it can have important consequences for real people.
President Barack Obama's State of the Union address will likely touch on tax reform, Gleckman writes, but it remains to be seen whether even corporate reform is possible in 2013.
The current taxation of derivatives is complicated and inconsistent, Rosenthal writes. Investors often use these tax differences to manipulate the character, timing, or source of their income to reduce their tax liability, he adds.
Dragging out negotiations on the debt ceiling could potentially harm the US and global economies, not to mention tax and entitlement reforms, says Rep. Sander Levin (D) of Michigan.