–Senate Finance, House Ways & Means Chiefs Call For ‘Comprehensive’ Fix
–Sen. Baucus and Rep. Camp Say Tax Reform Should Boost Jobs
–Baucus, Camp Statement Shows First Sign of Bipartisan Tax Reform Bid

By John Shaw

WASHINGTON (MNI) – Senate Finance Committee Chairman Max Baucus and
House Ways and Means Committee Chairman Dave Camp issued a joint
statement Tuesday, saying that Congress’s Joint Tax Committee will
undertake some research projects to help them push tax reform in this
Congress.

In the statement, Baucus, the Democratic chairman of the Senate
Finance Committee and Camp, the Republican chairman of the House Ways
and Means Committee, endorsed an effort to pass “comprehensive tax
reform that will lower tax rates and broaden the base, reduce complexity
and promote job creation.”

While the statement provides no specifics, the issuance of a joint
statement by Congress’s two tax panel chiefs appears to indicate there
is a bipartisan desire to overhaul the tax code.

In a recent hearing, Baucus said that Congress should “take a
crack” at overhauling the federal tax code, but added it will be a
difficult task. “It’s a long road,” Baucus said.

Baucus openly questioned the merits of pursuing comprehensive tax
reform versus a more targeted approach. He appeared to signal that he
felt the later approach makes more sense, saying that it was important
to “prioritize” among various elements of tax reform.

Baucus has said that his panel will hold a number of hearings on
tax reform, examining the AMT, individual and corporate tax policy as
well as the international competitive consequences of the U.S. tax code.

He has said tax reform efforts must also include the nearly $1
trillion in annual tax expenditures — which some describe as spending
through the tax code.

The Senate Finance Committee, under Baucus’s leadership, began
holding hearings on tax reform last year. The House Ways and Means
Committee, under Camp, launched tax reform hearings in January.

President Obama in his State of the Union address called for tax
reform cooperation between Congress and the administration.

It remains unclear if corporate tax reform will be pursued on a
faster track than overall tax reform or if it will be part of the same
effort.

** Market News International Washington Bureau: (202) 371-2121 **

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