Lew Sees Foundation for Overhaul of Business Taxes in 2015

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Jan. 21 — Congress and the Obama administration can still strike a deal on a business tax overhaul in 2015 despite disagreement over the individual side of the tax code, Treasury Secretary Jacob J. Lew said, as the administration sought common ground on tax policy with a Republican-led Congress.

In a speech at the Brookings Institution on Jan. 21, the morning after President Barack Obama's State of the Union address, Lew described additional details of the president's plan—including more use of cash accounting and more favorable policies on expensing for small businesses—and said Republican lawmakers and Obama have similar enough approaches to make a deal on business taxes possible.

He acknowledged that agreement doesn't seem possible on changes to the individual side of the code, telling his audience, “I think on individual taxes we have differences that are quite clear.”