It’s his last term in Congress, and Ways and Means Chairman Bill Thomas (R-CA) is working hard right up until the end. While few observers think tax reform will make tangible progress before November’s mid-term elections, the Select Revenue Measures Subcommittee is churning through the myriad of issues involved in reforming the tax code for businesses operating domestically and internationally, laying the groundwork for future legislative action.
S-CORP is engaged, submitting comments to the Committee on the importance of preserving the unique tax treatment of S corporations while outlining its concerns with the recommendations put forward by the President’s Advisory Panel on Tax Reform last November. The Panel’s recommendations were submitted to Treasury Secretary John Snow, who is now charged with making his own recommendations to the President. Secretary John Snow commented on that status of tax reform earlier this week, saying that with the tax code over 90,000 pages, the need for reform is clear, but the time may not be right now. He noted that comprehensive tax reform is pushed through about every 20 years; the last time being in the 1980’s under President Reagan.
Link to the article here: http://pubs.bna.com/ip/bna/dtr.nsf/eh/a0b2v0k1u7