Senate Democratic Budget Calls for $923 Billion in Additional Revenue

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...

The Senate Budget Committee begins deliberations on a proposed budget for fiscal year 2014 that would boost revenue by $923 billion over a decade by scaling back tax deductions and targeting corporate tax breaks. Committee Chairwoman Murray notes her proposal's sharp contrast with the budget resolution proposed a day earlier by House Budget Committee Chairman Ryan, reflecting little movement in the two parties' divergent views on spending, taxes, and how best to reduce the budget deficit. Murray schedules full consideration of the measure, including the introduction of amendments by senators, for today. House Budget Committee Republicans turn back a range of proposals to amend their blueprint by increasing revenue to offset spending cuts put in place by the sequester and proposed cuts in spending for social programs such as Medicare, Medicaid, and Supplemental Nutrition Assistance or food stamps, and to pay for items like infrastructure spending.