Topic: U.S. Senate Committee on Finance

Featured

In Pictures Who's who on the US deficit super committee

All Content

Robert Reich Stop subsidizing sky-high CEO salaries.

Taxpayers are paying for CEOs to receive huge salaries, as corporations deduct executives' compensation from income taxes. What's the solution?
Tax VOX Will the Baucus-Hatch plan trigger tax reform? Probably not.

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.
Monitor Breakfast 'Major accountability issues' for IRS, Congress's tax chairmen say

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.
Gay marriage hat trick: Will Minnesota make three?

As the US awaits the Supreme Court's ruling on marriage laws for same-sex couples, the states are approaching a gay marriage hat trick: Rhode Island last week, Delaware today, and possibly Minnesota by Saturday.
Tax VOX Want to understand tax reform? Read this report.

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.
Veteran dealmaker Max Baucus announces Senate retirement

A centrist Democrat in a conservative state, Max Baucus has taken many tough votes over his six terms in the Senate, but battles over guns and health care loomed large in his reelection bid.
Monitor Breakfast GOP's Rep. Dave Camp envisions inclusive path to a fiscal 'bargain'

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.
Focus Tax reform: Why a kinder, simpler tax code eludes Congress, so far

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.
Democrats from rural areas face pressure from pro-gun constituents

Democratic senators from mostly rural areas in the West and South must walk a fine line between party loyalty and constituents' wishes when it comes to gun control legislation.
Decoder Wire Michelle Obama announces 'Best Picture' at Oscars. Was that appropriate? (+video)

Michelle Obama appeared via satellite from the White House, announcing that 'Argo' had won. Many Best Picture contenders had political themes.
Robert Reich Want to avoid bailouts? Break up the big banks.

It's time to limit the size of banks and break up the biggest ones on Wall Street, Reich writes.
Opinion 'Fiscal cliff' or not, tax reform is easier said than done

As part of any deal on the 'fiscal cliff,' Congress will likely take up comprehensive tax reform. That's a worthy goal, but it will involve more political and economic pain than most would like to admit. Every line in the tax code has its own constituency and rationale.
Decoder Wire What might Democrats give up in 'fiscal cliff' talks?

OK, Republicans have ceded ground on tax revenues. Now, under Obama's 'balanced' approach to averting the fiscal cliff, Democrats presumably would consent to spending cuts on entitlement programs or Obamacare. But what Dems would accept may not be what GOP has in mind.
Decoder Wire Is Obamacare on table for 'fiscal cliff' talks?

House Speaker John Boehner says it should be, but with a Democratic president and Senate, the reality could be that Republicans will only be able to chip away at the edges of Obamacare.
Housing prices: Are short sales in danger?

As housing prices recover, short sales have become an increasingly popular escape route for indebted homeowners. But the future of short sales depends on a tax cut extension from Congress that may or may not come, and realtors argue that housing prices haven't rebounded enough for many homeowners to afford their debt forgiveness as a tax.
Tax reform takes bipartisan step in Senate. Could something come of it?

To 'develop trust' before taking on the heavy lifting of tax reform, Senate tax-writers are attempting to proceed along bipartisan lines, starting with the extension of a reduced number of expiring tax breaks.
Tax cuts: Obama, Hatch trade barbs

Tax cuts were subject of Obama's Saturday radio address, where he urged GOP to extend Bush-era tax cuts for all but the wealthy. Republican Sen. Hatch blasted Democrats for trying to raise taxes on businesses.
More worries for the wealthy? Inheritance tax to jump unless Congress acts

The federal inheritance tax rate will jump to 55 percent in 2013 unless Congress acts. Republicans and Democrats disagree on the best plan. But a stalemate will result in higher inheritance taxes than either party wants.
Tax VOX How the government hinders the American Dream of upward mobility

With a budget that encourages consumption rather than savings, the gap between the American Dream and reality will only widen, some at the Tax Policy Center fear. One solution: Rethink those tax subsidies that too often hinder mobility in the name of enhancing it.
Fight brewing in Congress over budget, taxes

Last year, Congress put off hard decisions on the country's finances, but they are coming due in an election-year showdown.
Key Senate Democrat resists push to renew Bush tax cuts before election

House Republicans want to extend the Bush tax cuts sooner rather than later. Sen. Max Baucus, Senate Finance Committee chief, said Monday the tax code is a 'hydra' – and that lawmakers should lay groundwork and trust before tackling it.
Tax VOX Tax reform goes local. What's the effect?

The need for fundamental federal tax reform is critical. Often overlooked, however, is the fact that any such reforms will also affect the tax and fiscal policies of state and local governments.
Tax day horror story: taking your money ... and your identity

The IRS is making it a top priority to crack down on the burgeoning tax day scam of identity fraud. In 2011 the agency thwarted $1.4 billion in fraudulent refunds.
Violence Against Women Act: A political opening for Democrats?

Senate Democrats aim to extend the Violence Against Women Act, adding services for illegal immigrants and same-sex couples, a move Republicans say is out to score political points.
Payroll tax deal: Congress moves toward agreement

Payroll tax cut, long-term unemployment benefits would be preserved under a bipartisan deal. But negotiators won't predict whether Congress will pass the payroll tax deal by Friday.