Sen. Charles Schumer (D-N.Y.) noted that many of the reform plans that are under discussion in Washington would cut tax rates for everyone by eliminating or reducing deductions — the same model that was used during the last major rewrite of the tax code in 1986. “But in the upcoming talks on the fiscal cliff, we ought to scrap it,” Schumer said. Schumer said the “best shot” for avoiding the tax increases and spending cuts that are set to take place once the "fiscal cliff" begins in January is the negotiations taking place between the bipartisan "Gang of Eight" in the Senate, but he urged those lawmakers to set aside the notion that tax reform should lead to lower rates for everyone. “Our needs are different from 1986 and we cannot take the same approach we did then,” he said. [The Hill]
Related Posts
Donald Trump’s Tax Policy: Destroy H&R Block
- Caleb Newquist
- August 11, 2015
In case you hadn't heard, Sunkist-epidermic galoot Donald Trump has taken some lumps in recent […]
Share this:
Could Someone Have Tax Problems Big Enough to Walk Away From $14 million?
- Joe Kristan
- February 3, 2012
That’s one explanation for a weird story where a New York lawyer acting on behalf […]
Share this:
Protesting Taxes Seems More Effective When the Focus Isn’t on the the Signs
- Caleb Newquist
- June 7, 2013
Granted, we don't want to see an average member of the Tea Party sans pants. […]