New Report Highlights Popularity of Tax Cuts, Once Put in Place

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...

Feb. 6 — Once a spending program becomes part of the U.S. tax code, chances are it is going to stay there, the JCT concluded in a new report.

The congressional Joint Committee on Taxation prepared the report on tax expenditures (JCX-18-15) for an upcoming hearing on revamping the code.

Senate Finance Committee Chairman Orrin Hatch (R-Utah) called the hearing for Feb. 10 to consider what lawmakers can learn from the effort leading to the passage of the Tax Reform Act of 1986. Congress cut individual income tax rates sharply then, largely by eliminating various tax expenditures and other preferences, and establishing other base-broadening provisions.

Request Daily Tax Report