Tax Code revamp
Posted: Thu Jun 27, 2013 2:35 pm
The senate looks to be actually starting to create a new tax code! I'm happy they are trying. But will they succeed?
"Rather than having senators identify the tax breaks they want to eliminate, Senators Baucus and Hatch decided that it would be politically easier to ask them which breaks should be saved. But they said saving tax breaks come at a cost: Every $2 trillion in individual tax breaks added back to their “blank slate” would raise tax rates 1.3 to 2.2 percentage points. In other words, senators must decide between popular tax breaks and low income tax rates."
"To make sure that we clear out all the unproductive provisions and simplify in tax reform, we plan to operate from an assumption that all special provisions are out unless there is clear evidence that they: (1) help grow the economy, (2) make the tax code fairer, or (3) effectively promote other important policy objectives"
http://www.nytimes.com/2013/06/28/us/po ... ocess.html
"Rather than having senators identify the tax breaks they want to eliminate, Senators Baucus and Hatch decided that it would be politically easier to ask them which breaks should be saved. But they said saving tax breaks come at a cost: Every $2 trillion in individual tax breaks added back to their “blank slate” would raise tax rates 1.3 to 2.2 percentage points. In other words, senators must decide between popular tax breaks and low income tax rates."
"To make sure that we clear out all the unproductive provisions and simplify in tax reform, we plan to operate from an assumption that all special provisions are out unless there is clear evidence that they: (1) help grow the economy, (2) make the tax code fairer, or (3) effectively promote other important policy objectives"
http://www.nytimes.com/2013/06/28/us/po ... ocess.html