Senate Finance Committee Chairman Max Baucus (D- Mont.) said he intends to release his first draft for a comprehensive tax-code revision by the end of November, Bloomberg reported.
The proposal will be the first sweeping revamp of the tax code since 1986. Baucus did not outline which parts of the tax code he will focus on, but said he will consult with other finance panel members before releasing the details. Tax lobbyists have said they expect the committee to begin with tax administration, international tax rules and possibly education-related tax policy.
Once released, the draft will be the topic of much debate, and partisan differences are already beginning to surface. The committee’s ranking Republican member, Sen. Orrin Hatch, said “wide gaps” remain on tax policy. The biggest difference between the parties’ approaches remains over raising additional revenue and how to use it -- for deficit reduction, government programs or solely for reducing tax rates, Bloomberg reported. Republican lawmakers have said they are firmly opposed to raising tax rates, but some have said they are open to new revenues generated by other means.
Baucus has been working on the plan with Rep. Dave Camp (R-Mich.), who heads the House Ways and Means Committee. They started a joint Twitter handle, @simplertaxes, to share information on tax reform.
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