Tax News & Views - February 15, 2013
Vol. 14, No. 9
Tax Policy Group, Deloitte Tax LLP
- Senate Dems propose tax-&-spending package to delay sequester – The partisan standoff over fiscal policy continued on Capitol Hill as Senate Majority Leader Harry Reid, D-Nev., unveiled a proposal that would delay the impending budget sequester until next year and offset the cost through a combination of spending cuts and tax increases – including President Obama’s controversial “Buffett Rule” proposal.
- President calls for tax reform to fund deficit reduction, but offers few details – President Obama used his annual State of the Union address to renew his call for Congress to approve “bipartisan, comprehensive tax reform”; but he provided few details of what that reform should look like other than to say that it should contribute to deficit reduction.
- Lew addresses tax reform at confirmation hearing – Former Office of Management and Budget Director and White House Chief of Staff Jacob “Jack” Lew offered some insights into his views on a variety of tax reform issues during a Senate Finance Committee hearing to consider his nomination to serve as President Obama’s Treasury secretary.
- Camp & Levin announce topics, leaders for bipartisan tax reform ‘working groups’ – House Ways and Means Committee Chairman Dave Camp, R-Mich., and ranking member Sander Levin, D-Mich., announced the formation of 11 bipartisan working groups to explore issues related to corporate tax reform.
- Ways & Means ponders tax reform and the future of charitable giving incentives – A marathon House Ways and Means Committee hearing on options to change the tax treatment of charitable contributions in a reformed tax code demonstrated the delicate nature of the charitable-giving deduction the difficulty that lawmakers will likely face when they tackle that issue in the context of base-broadening tax reform.
- Casey tapped for Finance Committee vacancy; Renacci joins Ways & Means – Democratic Sen. Bob Casey of Pennsylvania was appointed to serve on the Senate Finance Committee and GOP Rep. Jim Renacci of Ohio won a spot on the House Ways and Means Committee.
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