Thursday, January 06, 2011

Incoming House Majority Leader Considers Tax Overhaul for Bipartisanship

From the Wall Street Journal:

A top House Republican leader on Tuesday identified an effort to overhaul the country's tax code as a significant policy area that the GOP and Democrats could work together on.

Rep. Eric Cantor (R., Va.), who will become House Majority Leader when Republicans assume control of the House on Wednesday, said changes to the tax code could "be a significant boost to our competitiveness."

He said Republicans would be looking at President Barack Obama's State of the Union Address and subsequent budget request to see what ideas he has in terms of changes to the tax code.

"This tax code has brought on way too much cost in terms of compliance and preparation," Cantor said, at a weekly press conference. "It has put this country and our businesses in a less competitive posture vis a vis the competition."

Cantor declined to mention specific measures Republicans would pursue as part of a drive to increase U.S. competitiveness.

The Virginia Republican's call for bipartisan cooperation on efforts to simplify the tax code echo similar statements Rep. Steny Hoyer (D., Md.), the outgoing House majority leader, made last year.

Hoyer expressed hope last year that the two parties would be able to agree on a significant package of changes to the tax code. He said that he would make it his No. 1 priority in the coming year.

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