geithner - The S Corporation Association

Administration’s Corporate-Only Plan Waiting Behind Debt Ceiling

The Administration appears to be holding back their Corporate-only tax reform plan until budget negotiators can settle on a deal to raise the debt ceiling. The Treasury Secretary is counting on congressional leaders to reach a long-term deal by the current August 2^nd deadline, and then intends to move onto his corporate-only plan prior to the 2012 elections. At a speaking event in New York earlier this week he previewed the essential pitch:

“It’s a very hard thing to do because it will change the relative effective tax rates for different companies, different industries, but it’s an essential thing to do. …

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Treasury to Propose Corporate Tax Reform Plan

Appearing before a subcommittee of the Senate Appropriations Committee to discuss FY 2012 Treasury Department funding, Secretary Geithner said the Administration is ready to get the ball rolling on corporate tax reform, telling Senators, “I’m actually quite optimistic we’re going to be able to start that process with a very strong pro-investment, pro-growth, pro-competitiveness proposal.” Below is the video of his testimony (Discussion of tax reform can be found at 25:28).

There were few specifics on when, or in what form the proposal would take, but the …

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