Tax Writers Continue to Say They Will Release Details on Tax Reform 'Soon'
Most congressional watchers do not believe there will be major action on tax reform this year, despite efforts by both House and Senate tax writers to complete plans to rewrite the tax code by the end of the year. Senate Finance Committee Chairman Max Baucus (D-Mont.) and House Ways and Means Committee Chairman Dave Camp (R-Mich.)insist tax reform details are coming soon. Camp has previously said he will hold a markup for the bill by the end of this year, and Baucus has said he would soon release discussion legislatively written drafts of alternate proposals to rewrite tax laws. Staffers on the Senate Finance Committee met behind closed doors Nov. 12 to go over its drafts, and Baucus scheduled a members meeting on them for later in the week. Camp and his close allies on the committee are expected to provide a progress report to House Speaker John Boehner (R-Ohio) and other Republican leaders on Nov. 14. Camp has already released discussion drafts of changes to the taxation of international income, derivatives and small businesses.