U.S. Chamber of Commerce pushes for a "complete restructuring of the US tax code"

[marmar]

(Bloomberg) The U.S. Chamber of Commerce is urging the new congressional deficit-reduction committee to overhaul the tax code without taking a position on the central issue of whether higher taxes should be part of the proposal.

In a letter sent to the committee members yesterday, Bruce Josten, the chamber’s chief lobbyist, called for a “complete restructuring of the U.S. tax code” that would lower rates and make the tax code more efficient.

“The chamber urges you to consider how the current tax laws act as an impediment to worldwide competitiveness, a deterrent to saving and investment, and an obstacle to innovation and entrepreneurship,” he wrote on behalf of the nation’s largest business group. The chamber’s board includes executives from Pepsico Inc., WellPoint Inc. (WLP), AT&T Inc. (T) and Norfolk Southern Corp. (NSC)

Josten’s letter sidesteps one of the core issues dividing Democrats and Republicans on the 12-member joint committee. Democrats such as Senate Finance Committee Chairman Max Baucus of Montana are calling for a balanced approach that includes tax increases along with spending cuts. Republicans such as Dave Camp of Michigan, who leads the House Ways and Means Committee, are opposed to higher taxes. .................(more)

The complete piece is at: http://www.bloomberg.com/news/2011-08-17/u-s-chamber-remains-silent-on-tax-increases-amid-overhaul-push.html

[ProgressiveProfessor]

1. Desperately needs to be done, but not the way they would want it

[LonePirate]

2. My default position on any issue is almost always the opposite of the Chamber's.

I suspect they want the tax code reformed to lower the rates so that the loopholes and deductions can be added back in after the rates are lowered. I am very skeptical of this plan.