Budget Conference Offers Narrow Chance to Advance Tax Code Rewrite

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Lawmakers looking to speed an overhaul of the U.S. tax code probably won't find much hope in a forthcoming House-Senate conference on the fiscal 2014 budget, tax lobbyists and analysts told Bloomberg BNA.
As Congress prepares to move past its latest crisis on spending and the debt limit, analysts said taxes are sure to be a part of the discussion as the conference committee looks for ways to bridge gaps between Democratic and Republican approaches to spending.
Unless the two sides can agree on whether to seek greater government revenue—and how to use any additional revenue that a tax overhaul might generate—a breakthrough on revamping the tax code isn't likely, several analysts said. The conference committee must report to Congress by Dec. 13 as part of the deal lawmakers reached to reopen the government and raise the debt ceiling.

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