OUTLOOK: Tax Extenders Take Center Stage as Broad Overhaul Sputters

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Proponents of a tax overhaul may have to settle for a tax tinkering instead in 2014.
The promise of a broad rewrite of the U.S. tax code is fading amid the politics of midterm elections and the sheer challenge of cutting corporate and individual tax rates while maintaining government revenue.
Add the looming departure of Sen. Max Baucus (D-Mont.) as chairman of the Senate Finance Committee, nominated to be U.S. ambassador to China, and prospects for major tax legislation seem especially dim, tax lobbyists and former congressional aides told Bloomberg BNA.
In 2014, tax lobbyists and lawmakers said, the most Congress may accomplish is setting the groundwork for an eventual overhaul while renewing dozens of tax provisions that expired in December 2013.

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