Senate Budget Committee calls for tax increase; Senate Finance Committee prepares for tax reform

Washington National Tax Services

The Senate Budget Committee late today on a party-line vote approved an FY 2014 budget resolution that calls for a $975 billion tax increase over 10 years as part of a “balanced” package of revenue increases and spending cuts that together would reduce projected federal deficits by $1.85 trillion by FY 2023. The proposed budget resolution also calls for “deficit-neutral” tax relief and tax reform. Separately, Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) today announced that Finance Committee members on March 21 will begin a series of meetings to discuss tax reform topics to “begin developing a proposal to reform American’s tax code.

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