Even as a veto threat derailed a large tax extenders deal, President Obama is holding out hope that Congress can move forward on tax reform. Addressing corporate CEOs at a Business Roundtable meeting on December 3rd, the President said there was “definitely a deal to be done.” He told the corporate leaders he may be willing to accept the short-term tax break extensions (which passed in the House hours after the meeting) in order to jumpstart cooperation on broader reform. The President said he still prioritizes simplification of the tax code for both individuals and corporations, and beginning with business taxes could pave the way for cooperation.
The President aims to begin negotiations on a tax reform package early in 2015, well ahead of the 2016 elections. As he made the case that tax reform is possible, President Obama noted one of its central challenges, at least in the short term: “there are going to be some winners and there are going to be some losers.”
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