Tags: Trump Tax Reform | senate | gop | tax overhaul | term limits

WashTimes: Senate GOP Looking Into Long-Term Tax Code Overhaul

Image: WashTimes: Senate GOP Looking Into Long-Term Tax Code Overhaul
Sen. Pat Toomey (AP)

By    |   Wednesday, 17 May 2017 10:05 AM

Republicans in the Senate are looking at a long-term approach to overhauling the tax code by extending the budget window beyond a traditional 10-year time limit, The Washington Times is reporting. 

"Many business choices hinge on forecasting beyond that period, and whether a 20- or 30-year budget window is considered, a longer time frame, in combination with proposed reforms, will help us realize a robust economic revival," Sen. Pat Toomey, R-Penn., a member of the Senate's tax-writing Finance Committee, told The Times.

Another Senate Finance Committee member, Sen. Pat Roberts, R-Kan., agreed, telling The Times, "People want stability. They want predictability."

Toomey's plan would avoid the 10-year time limit that is incurred when bills are passed through reconciliation. Such bills are not allowed to add to the debt for more than those 10 years, according to The Times.

David Burton of the Heritage Foundation told The Times no legal issues exist with making the window longer, noting that the law states it must be at least five years.

"There's no reason why they couldn't use 20… All they have to do is do it—call out in the budget resolution 20 years' worth of revenue and expenditure targets."

Writing off business expenses could also benefit from a longer time frame, according to The Times.

"In terms of needing to make it deficit-neutral, moving it out 20 years is a lot easier to work with," Grover Norquist, president of Americans for Tax Reform, told The Times. 

Toomey wrote a column for Bloomberg earlier this month stating his opposition to the 10-year time limit.

"Making tax reform temporary — even for 10 years — undermines its effectiveness since many business projects and decisions depend on forecasting beyond that period . . . A 20- or 30-year tax reform would be as close to permanent as we can get," Toomey wrote.

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Republicans in the Senate are looking at a long-term approach to overhauling the tax code by extending the budget window beyond a traditional 10-year time limit, The Washington Times is reporting.
senate, gop, tax overhaul, term limits
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2017-05-17
Wednesday, 17 May 2017 10:05 AM
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