On August 2, the House passed H.R. 6169 that lays out reasons why tax reform is needed and a plan for moving legislation through the 113th Congress. I think it is interesting that the bill refers to tax expenditures (special deductions, exclusions and credits) as spending. I interpret that as signaling that members want to, or at least realize they will have to, cut back or eliminate many special rules in order to have lower tax rates without exploding the deficits and debt even further.
I have a short article on H.R. 6169 in the AICPA Tax Insider this week - here.
What do you think?
1 comment:
I read your article attached to the CPA Letter Daily. Nicely done! I would like two things to happen. One a single tax rate. Modernize the system and simplify the analysis of fairness by eliminating the need to calculate the effective rate. The public doesn't get it. So Congress ignores it. For instance, the statement that small business pay nor tax because their tax rates are the same as upper income individuals. The second is that Congress "modernize" and use a proven consensus building process for the discussion and passage of at least this new bill/law.
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