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Tax News & Views - July 26, 2013

Vol. 14, No. 31


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Tax News & ViewsAuthor
Tax Policy Group, Deloitte Tax LLP

  • Revenue rift looms as senators face deadline for ‘blank slate’ tax reform proposals – Members of the Senate faced a hard deadline for submitting proposals to Finance Committee Chairman Max Baucus and ranking Republican Orrin Hatch detailing specific tax expenditures and preferences they believe should be retained in a reformed tax code; but comments from the chamber’s top Democrat and top Republican suggest that the partisan breach over whether tax reform should be revenue neutral or raise additional revenue for deficit reduction remains as wide as ever.
  • OECD releases action plan on base erosion & profit shifting – The OECD published its promised action plan addressing Base Erosion and Profit Shifting (BEPS), after presenting the plan to the G20 Finance Ministers’ meeting in Moscow.
  • Senate defeats proposed millionaire surtax amendment to student loan legislation – The Senate rejected a proposed amendment that would have offset the cost of legislation to cap interest rates on federal direct student loans by imposing a tax of 0.55 percent on modified adjusted gross income in excess of $1 million annually for married taxpayers filing jointly or $500,000 for married individuals filing returns separately.

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