Tax News & Views - March 15, 2013
Vol. 14, No. 14
Tax Policy Group, Deloitte Tax LLP
- Congressional budget writers lay out dueling visions for tax policy – Budget writers on both sides of the Capitol honed the parameters for the upcoming debate over tax and spending policy as the House Budget Committee approved a Republican-sponsored fiscal year 2014 budget plan that calls for rate-reducing corporate and individual tax reform plus $4.6 trillion in cuts to federal spending from 2014-2023, while the Senate Budget Committee cleared a Democratic blueprint that calls for nearly $1 trillion in new tax revenue and an equal amount in spending cuts over the same period.
- Finance Committee to hold bipartisan tax reform meetings; Ways & Means plans additional hearings – Senate Finance Committee leaders laid out plans to convene a series of meetings to examine issues in overhauling the tax code; meanwhile, House Ways and Means Committee leaders scheduled one hearing on the recently released discussion draft on the tax treatment of financial products and another on the impact of tax reform on state and local governments.
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