Senate Finance Committee Chairman Max Baucus and Ranking Member Orrin Hatch propose that Congress adopt a "blank slate" approach to reforming America's tax laws.
"In order to make sure that we end up with a simpler, more efficient and fairer tax code, we believe it is important to start with a "blank slate" -- that is, a tax code without all of the special provisions in the form of exclusions, deductions and credits and other preferences that some refer to as "tax expenditures." This blank slate is not, of course, the end product, nor the end of the discussion....
"[W]e plan to operate from an assumption that all special provisions are out unless there is clear evidence that they: (1) help grow the economy, (2) make the tax code fairer, or (3) effectively promote other important policy objectives." (Next Steps on Tax Reform [pdf])
Baucus and Hatch are urging their fellow Senators to submit legislative proposals for tax breaks that meet the three tests and that should be included in a reformed tax code.
Related press release: Baucus, Hatch Urge Colleagues to Provide Input on Tax Reform.
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