Prospects for tax overhaul dim

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in Small Business Tax

Tax reform is still on the table. But what are the chances it will ever be served to the taxpaying public?

In late November, Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee, released three sweeping tax reform drafts for inspection. The proposals covered

  1. revisions of the international tax system
  2. tax administration and fraud and identity theft issues
  3. simplification of depreciation methods.

Baucus has already announced his retirement at the end of 2014 and is looking to add to his legacy. At the same time, tax reform efforts by his counterpart Dave Camp, R-Mich., chairman of the House Ways & Means Committee, have stalled. A divisive Congress doesn’t appear to offer much hope.

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