Tax Committees Want to Tackle Reform but Likely to Settle

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With the Republican takeover of the House, lawmakers and lobbyists tell BNA that permanency for the R&D credit and elimination of tax expenditures deemed wasteful are in, while proposals to change the tax treatment of carried interest or impose new payroll taxes on S corporations are out. Democrats now agree that they overreached with new Form 1099 information reporting rules and see repeal as likely in 2011. And while lawmakers have expressed interest in taking on tax reform, most quietly acknowledge that any significant change is unlikely in the current political climate.