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Thursday, January 27, 2011

Tax Reform Talk - Will Action Follow?

The President's Deficit Commission, President Obama, Treasury Secretary Geithner, the chairs of the congressional tax committees, National Taxpayer Advocate Nina Olson and others, are all saying the words "tax reform." Of course, that is talk and not action, but does this much talk increase the likelihood of action? I think so. I think the focus on corporate tax rates and international competitiveness and continued efforts to stimulate the economy might lead to serious tax reform proposals this year.

For more information:

  • I've got a short article in today's AICPA Corporate Taxation Insider (1/27/11) - "Can the President's Deficit Commission's Proposals Lead to Corporate Tax Reform?"
  • President Obama's State of the Union address (1/25/11) where he said such things as - "I’m asking Democrats and Republicans to simplify the system. Get rid of the loopholes. Level the playing field. And use the savings to lower the corporate tax rate for the first time in 25 years –- without adding to our deficit."
  • The National Taxpayer Advocate says that the "time for tax reform is now." (2010 report released in January 2011)
  • On January 20, 2011, the House Ways & Means Committee held the first in a series of hearings on tax reform - here.

What do you think - will there be action or just talk?

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