Congressional Leaders Call for Comprehensive Tax Reform
Monday, May 21, 2012
Posted by: Cindy Frantz
From: Council on Foundations Policy Update
Last week, the Federal Policy Group, a Washington consulting firm, held its annual Legislative & U.S. Government Policy Seminar,
which has become the most prominent policy forum of its kind. This
year’s event featured leading lawmakers from both parties who discussed a
wide range of tax, budget, and other policy issues, as well as the
legislative and political outlook.
The event featured House Speaker John Boehner (R-Ohio) and Ways and
Means Committee Chair Dave Camp (D-Mich.), both of whom called for
comprehensive tax reform. Boehner noted that Americans spend $500
billion on tax compliance each year and that a flatter, fairer tax code
would make the nation more competitive. He said comprehensive reform
requires addressing the corporate and individual tax codes.
Camp said he has hosted planning sessions with House Republicans
with the primary goal of enacting comprehensive tax reform with no tax
increases. Camp also urged President Obama and the Senate to support
fast tracking of comprehensive tax reform and said doing so would send a
clear, strong message to the markets, employers, and families that
Washington is serious about tax reform.
Representative Pat Tiberi (R-Ohio), who chairs the select revenue
measures subcommittee, said he would continue to hold hearings on tax
extenders, including the IRA rollover, and that he would like an
extension soon. But he did not express confidence that this would happen
before a lame-duck session of Congress next fall.
Additionally, many lawmakers, including Senators Kent Conrad
(D-N.D.), John Thune (R-S.D.), Ron Wyden (D-Ore.), and Rep. Emanuel
Cleaver (D-Mo.), expressed concern about the country’s fiscal well-being
as a result of the pending expiration of the Bush-era tax cuts, broad
spending cuts in the Budget Control Act of 2011, and the re-emergence
of the alternative minimum tax. The lawmakers stressed that a bipartisan
approach must be taken to prevent a "train wreck.”