posted on July 26, 2013 17:05
HAI has been closely following the deadline imposed by Senators Baucus and Hatch for their associates in the Senate to submit their ideas for a "blank slate" approach to tax reform. The deadline is close of business Friday, July 26.
It appears that most senators plan to submit ideas by letter before the deadline, but many were still deciding on what provisions to go to bat for as the deadline loomed. HAI has learned that Arizona GOP Senator Jeff Flake is asking the Finance Committee to focus on simpler, lower rates when crafting a tax reform bill. Flake said it is hard to offer specific deductions to eliminate when the larger goals of tax reform are still unknown, but he mentioned tax credits for both renewable and conventional energies, and the estate tax as potential reform areas.
Senator John McCain (R-Ariz.) is unlikely to submit a formal proposal. McCain said he does not see the value in keeping his proposal secret when he has been so public about his tax reform policies in the past. Earlier this week, HAI RotorNews reported that the Senate Finance Committee was promising to keep senators submissions secret for 50 years! McCain said, "I don't believe we should have mortgage interest deduction for more than two houses, and I think we should have a ceiling on charitable deductions."