Reid Sidelined, but Baucus Still Confident of Support for Tax Overhaul

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

Senate Finance Committee Chairman Max Baucus (D-Mont.) refuted a suggestion July 25 that his party's leadership does not favor tax reform since Senate Majority Leader Harry Reid (D-Nev.) signaled that he would stay on the sidelines for part of the process.
Baucus and Finance Committee ranking member Orrin Hatch (R-Utah) have proposed a “blank slate” approach to tax reform that assumes that the code would be stripped bare and rebuilt based on members' support for various current provisions, and they sent a letter to their Senate colleagues June 27 asking for such input.
Addressing reporters during a news conference, Reid said he had not even read their letter, which requested responses by July 26. Earlier in the day, Reid said he would not send a letter to Baucus and Hatch to weigh in on provisions that ought to remain in the code.
 For full access to this article,please register for a free trial to Daily Tax Report®