Top U.S. House Tax Writer Vows Tax Reform in 2013.

[elleng]

Source: nyt/reuters

- The chairman of the tax-writing Ways and Means Committee of the U.S. House of Representatives said on Thursday that his panel will move to overhaul the U.S. tax code next year.

The panel "will write, act on and pass comprehensive tax reform legislation in 2013," said Republican Representative Dave Camp in the text of a speech to be delivered in the evening.

"Let me repeat that: we intend to move a comprehensive tax reform bill in 2013 - no matter what," he said.

The U.S. tax code has not been thoroughly overhauled since 1986, but bipartisan political support for such a move has been growing as part of a response to the nation's budget deficit.



Read more: http://www.nytimes.com/reuters/2012/11/15/us/15reuters-usa-tax-camp.html?hp

[Coyotl]

1. the details please

[truebluegreen]

2. Bipartisan support for such a move may be growing

but NO WAY will the two sides agree on HOW to do it.

IMHO.

[bucolic_frolic]

3. It's time for simplification

The tax code gets murkier and murkier each year

The accountants must be happy

Make it progressive, eliminate deductions

Accountant bean counters are measuring and price gouging

and not producing a single item that adds to GDP

You can't eat what your accountant does, nor wear it, it
doesn't heat your home, put you on a vacation. It's all
overhead and it's expensive.

[AnotherMcIntosh]

4. One thing that the Repubs and 3rd-wayers will agree upon is "simplifying" the way that taxes

are calculated on SS benefits.

Regan reduced SS benefits by adopting a means testing and conditionally making 50% of SS benefits subject to taxation.

Clinton (who openly adopted the Third Way principles of the Democratic Leadership Council http://www.ontheissues.org/Notebook/Note_01-DLC1.htm ) reduced SS benefits by conditionally making 85% of SS benefits subject to taxation.

To reduce SS benefits even further, there is no doubt that the Republicans will want to "simplify" the computation by simply making 100% of the SS benefits subject to taxation.

[benld74]

5. Just more GOP BS. They havent done crap for the last 4 years and NOW they're,,

going to re-write the Tax Code? Pure bs, smoke no mirrors, something else to blame Potus about for no leadership.
Just watch.

[PSPS]

6. The only thing this House can produce is poor crayon drawings.

[elleng]

7. Maybe but, unfortunately, its their job, and no one else can do it.