U.S. Senate Majority Leader-Elect: Tax Reform Policy Failure Unacceptable
John Thune, the incoming Majority Leader of the U.S. Senate, has said it wants to have a comprehensive tax policy package in place by the summer, but he acknowledged that it will take some time to reach agreement on changes to the complex tax code. Thune said failure is not an option as far as taxes are concerned. According to Thune, the complex issues facing the tax reform bill include what benchmarks to use, whether to make the tax cuts permanent, and how much should be offset. Negotiations on complex tax policy continue, though. Thune's ‘two-step’ approach is at odds with the approach supported by House Fundraising Committee Chairman Jason Smith, who supports a single package. Smith said Tuesday, ‘If we don't strike quickly, we're in trouble.’
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