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Repatriation Holiday in the Driver’s Seat?

Senator Harry Reid (D-Nev.) and Sen. Rand Paul (R.-Ky.) are in negotiations on a one-time repatriation “holiday,” which would allow U.S. corporations to repatriate foreign earnings at a special reduced rate.  No proposal has formally been released, but reports on the negotiations say that the rate would be between 5 percent and 9.5 percent.  The short-term revenue increase...

Tax Extenders Debate is Extended — EXPIRE Act Stalls in the Senate

– Sen. Ron Wyden’s (D.-Ore.) EXPIRE Act, which would have revived several expired tax provisions (see prior post here), has been stalled in the Senate.  Despite broad bipartisan support for the EXPIRE Act, an apparent disagreement over amendments is preventing a vote on final passage. Senate Republicans proposed a number of amendments to the bill, including the repeal of the...

Party Leaders: No “Grand Bargain” on Budget

House Budget Committee Chairman Paul Ryan (R-Wis.) and Senator Majority Leader Harry Reid (D-Nev.) can agree on one thing:  a “grand bargain” involving tax increases and changes to entitlement programs such as Medicare and Social Security will not be part of any upcoming budget deal.  Instead, party leaders are focusing their attention on a smaller-scale agreement, as the parties...

Taxes and the Government Shutdown – Bipartisan Group Proposes to Repeal Medical Device Tax as a Compromise

A bipartisan group of House members is pushing for a repeal of the 2.3% medical device tax as a compromise to end the government shutdown.  Repeal of the medical device tax had previously been floated as a proposal to end the shutdown (see our prior post). A group of 20 lawmakers led by Representatives Charles Dent (R-Pa.) and Ron Kind (D-Wis.) sent a letter to House Speaker John...

Baucus and Camp Remain Committed, But Party Leaders Pose Obstacles

On the final stop of Senator Max Baucus (D-Mont.) and Representative Dave Camp’s (R-Mich.) national tour, both men said that tax reform should not proceed unless it overhauled both corporate and individual income tax laws.  Sen. Baucus believes “[t]here is more agreement on the corporate side,” and that consensus should be used “as an engine for comprehensive reform, not...

Bloomberg: Tax Reform Will be Harder This Time Around

According to an analysis by Bloomberg, tax reform will have a tougher time succeeding today than the last major overhaul of the tax code in 1986.  Bloomberg attributes this increased difficulty to the disagreement over revenue neutrality.  In the 1986 reform, lawmakers maintained revenue neutrality by lowering top income tax rates, closing certain tax loopholes, and increasing...

Reid Calls for Revenue Target in Tax Reform

No one should accuse Senate Majority Leader Harry Reid (D-Nev.) of being vague. In response to whether the “Blank Slate” plan of Senators Baucus (D-Mont.) and Hatch (R-Utah) should be revenue neutral or revenue raising, the Senate’s top democrat is taking it one further – start with a revenue target. Said Sen. Reid: “We have to have a revenue target. I think there should be a...

Survey Says: Blank Slate Getting Mostly Silence from Senators

The July 26 deadline will soon arrive for senators to submit their “Blank Slate” tax reform suggestions to Senators Max Baucus (D-Mont.) and Orrin Hatch (R-Utah). Sens. Baucus and Hatch want their colleagues to tell them, in writing, which tax expenditures to keep and which to dump. But a survey conducted by Tax Analysts of all senators not named Baucus or Hatch indicates...

Reid, McConnell Highlight Stark Differences on the Purpose of Tax Reform

As Senator Max Baucus and Representative Dave Camp begin their bipartisan tax reform tour, back in Washington, Senators Harry Reid and Mitch McConnell highlight the stark differences between Democrats and Republicans on the issue.  The parties are largely divided about whether any tax reform will be revenue neutral or will raise revenue.  Sen. Reid praised the bipartisan efforts of...

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