Tags: baucus | hatch | tax | code | revamp

Baucus, Hatch to Propose a Controversial Tax Code Revamp

Wednesday, 26 Jun 2013 07:47 PM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

The top Democrat and Republican tax-writers in the U.S. Senate will propose a revamp of the tax code on Thursday that challenges their colleagues to justify retaining some of the country's most cherished tax breaks.

Democrat Max Baucus, chairman of the Senate Finance Committee, and top panel Republican Orrin Hatch, will challenge fellow lawmakers in a "dear colleague" letter, according to a senior Republican aide, who could not speak for attribution.

They will propose to cut tax rates with most tax breaks wiped out and ask their colleagues to justify putting them back in.

By proposing such a slimmed-down tax code, Baucus and Hatch would force fellow senators to make their case for retaining popular breaks, including the home mortgage interest deduction and the tax break on employer-paid health insurance.

Baucus and his counterpart in the U.S. House of Representatives, Republican Dave Camp, are working on proposals to overhaul the entire tax code, with Camp pledging to pass legislation this year out of his Ways and Means Committee.

Camp has issued several proposals dealing with specific parts of the code, including international and financial products taxation, and is expected to introduce legislation first.

The work in the Senate has proceeded at a slower pace.

Democrats and Republicans largely concur on the need for a revamp of the tax code, but differ on whether new revenue should be raised and which tax breaks should be scrapped for lower rates.

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Report: NKorea Sent Commandos to Attack US Nuclear Plants in 1990s

Thursday, 18 Dec 2014 23:34 PM

Five covert commando teams were sent to the United States by North Korea in the 1990s to attack nuclear power plants and . . .

Poynter Gives Rolling Stone Rape Story 'Error of the Year' Award

Thursday, 18 Dec 2014 23:25 PM

The Poynter Institute has tagged Rolling Stone's article about an alleged rape at the University of Virginia, a story th . . .

Michael Reagan: A Threat to Hollywood Launched Dad's Political Career

Thursday, 18 Dec 2014 23:13 PM

Kim Jong-un isn't the only strongman to threaten Hollywood and win. He isn't even the most recent.
A new biography . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved