The Chamber doesn't provide specifics, but states that tax reform is needed "to improve efficiency, transparency, and simplicity to drive economic growth and job creation." ... and address "how the current tax laws act as an impediment to worldwide competitiveness, a deterrent to saving and investment, and an obstacle to innovation and entrepreneurship." They also suggest that reform should "lower overall marginal tax rates, to encourage saving and investment, to foster global competitiveness, increase capital accumulation, attract foreign investment, and drive job creation."
- That they are calling upon this committee to restructure the tax law.
- That they are saying that spending reductions/reforms should not be just on discretionary spending (which is a relatively small category of federal spending), but should instead look at entitlement of Social Security and Medicare.
- They are starting with tax principles to help shape the reform - efficiency, transparency and simplicity. This would mean that they would support reduction and elimination of some number of special deductions, exclusions and credits. They are also calling for elimination of special rules that benefit one industry over another. They want "the marketplace, and not the tax system, to allocate resources" (neutrality and economic efficiency).
But, the special committee must vote on its report by November 23, 2011 - that doesn't give them much time. Yet, there are various proposals including from President Obama's deficit commission (here), and others (I have links to most here). And there have been several hearings this year on tax reform (see list here). Entitlement reform will likely be a bigger challenge thought than tax reform. We'll see.