Tax Reform Debate Kicks Off With Bipartisan Tax Reform Plan
Issue: Tax Reform
Date: February 24, 2010
Action Taken: On February 23, Senators Ron Wyden (D-OR), a member of the Finance Committee, and Judd Gregg (R-NH), ranking member of the Budget Committee, introduced S.3018, their new fundamental tax reform plan. A base-broadening, rate-lowering revenue neutral rewrite of the tax code, the Wyden-Gregg proposal is the opening shot across the bow for a tax reform debate that is likely to begin this year and last into the next Congress.
For NAIFA’s analysis of this legislation, click here.
For sponsor’s background on this legislation, click here.
For sponsor’s explanation of the tax offsets contained in this bill, click here.
Next Steps: The Wyden-Gregg plan is likely to get serious study from Congressional tax writers, including those who will be serving on the newly-establish deficit reduction commission. However, ideas for a systemic overhaul of the tax code are likely to include more than only Wyden-Gregg. It is probable the debate will start seriously later this year, and will spill over into 2011 and beyond.
NAIFA Staff Contact: Michael Kerley, Senior Vice President – Federal Government Relations, and Dani Kehoe, NAIFA Outside Counsel
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