On Tuesday the Senate Finance Committee Chairman said they will attempt to overhaul the US tax code this year. However, Max Baucus also warned that it will not be completed "quickly." I think I could have told you that…
"I expect this to take a little time," Baucus said in comments during a Finance Committee hearing on the airport and airway trust fund.
Baucus said his panel will hold a "lot of hearings" on tax reform, examining the AMT, individual and corporate tax policy as well as the international competitive consequences of the U.S. tax code.
He said tax reform efforts must also include the nearly $1 trillion in annual tax expenditures--which some describe as spending through the tax code.
"It's just too complex," Baucus said of the U.S. tax code.
The Senate Finance Committee, under Democratic leadership, began holding hearings on tax reform last year. The House Ways and Means Committee, under Republican leadership, launched tax reform hearings last month.
President Obama in his State of the Union address called for tax reform cooperation between Congress and the administration.