Tax News & Views - October 12, 2012
Vol. 13, No. 37
Tax Policy Group, Deloitte Tax LLP
- VP candidates stay on script as debate talk turns to taxes – Vice President Joe Biden and GOP nominee Rep. Paul Ryan traded familiar campaign barbs at the vice presidential debate in Danville, Ky., as Biden accused Republicans of blocking middle-class tax relief to ensure tax breaks for the wealthy, while Ryan accused Democrats of wanting to impose tax hikes on small-business owners that would stifle economic growth.
- Schumer: Tax reform should cut deficits, not top rates – Senate Finance Committee Democrat Charles Schumer of New York told reporters at a press conference in Washington that the 1986 style of tax reform, which “dramatically lower[s] the rates and broaden[s] the tax base by getting rid of loopholes in the tax code,” should be scrapped and replaced with an approach that emphasizes reducing the deficit and protecting middle-income taxpayers.
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