Baucus Exit Casts Doubt on Tax Changes as Eyes Turn to Wyden

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

With the top seats on the congressional tax-writing committees now openly in play, efforts to revamp the U.S. tax code will probably lumber along into 2015 or beyond, tax lobbyists and policy analysts told Bloomberg BNA.
The tax policy world was thrown into disarray Dec. 18 when Rep. Paul Ryan (R-Wis.) publicly said he wants to head the House Ways and Means Committee, and news broke that Senate Finance Committee Chairman Sen. Max Baucus (D-Mont.) is President Barack Obama's choice to be the next U.S. ambassador to China, meaning he could leave his Senate post earlier than his planned retirement at the end of 2014 (244 DTR G-4, 12/19/13; 244 DTR G-9, 12/19/13).
Those two pieces of news helped solidify what many tax lobbyists had already predicted—that the politics don't favor a big tax overhaul when its chief architects are on the verge of stepping away from their roles.

For full access to this article, please register for a free trial to Daily Tax Report® .  


Request Daily Tax Report