Despite government shutdown, Congressional tax committee leaders continue push for comprehensive tax reform

Industrial Products & Services Tax Alert

Despite the government shutdown and the need for a federal debt limit increase by mid-October, the leaders of the Congressional tax committees, House Ways and Means Committee Chairman Dave Camp (R-MI) and Senate Finance Committee Chairman Max Baucus (D-MT), continue to prepare for action on comprehensive tax reform. Proponents view a substantive overhaul of the tax code as an opportunity to improve the competiveness of American businesses in the global marketplace, attract investment in the United States, and increase domestic job growth.

In addition to the ongoing debate in Congress over fiscal policy issues, there is continued disagreement over whether tax reform should be revenue neutral or whether a portion of its revenue should be used for deficit reduction. Although these issues are currently consuming the attention of Congress, Chairman Camp has reaffirmed his commitment to presenting Ways and Means committee members with a plan to overhaul the US tax system in time for a markup in the fall.

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