Reuters: Politics: Senate tax-writers to eye tax loopholes and more

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Senate tax-writers to eye tax loopholes and more Mar 5th 2013, 21:22 Tweet Share this Email Print Related News Obama renews budget offer to cut social safety nets Sun, Mar 3 2013 White House says it will seek "fast-track" trade authority Fri, Mar 1 2013 UPDATE 3-White House says it will seek 'fast-track' trade authority Fri, Mar 1 2013 White House, Republicans dig in ahead of budget talks Wed, Feb 27 2013 Obama will meet with congressional leaders on spending cuts Friday Wed, Feb 27 2013 Analysis & Opinion Essential reading: Wegelin withers under U.S. tax scrutiny, and more To create growth, unleash the invisible foot The consequences of the across-the-board spending cuts.  Slideshow  Sen. Max Baucus, (D-MT) is questioned by media at the U.S. Capitol in Washington December 31, 2012. Credit: Reuters/Mary F. Calvert By Kim Dixon WASHINGTON | Tue Mar 5, 2013 2:06pm EST WASHINGTON (Reuters) - The top Democratic and Republican tax writers in the Senate will within weeks begin circulating concrete ideas for revamping the tax code in an attempt to kick-start legislation for this year, according to a committee aide. The aide, who asked not to be identified, said this preliminary attempt would focus on hot topics such as eliminating tax "loopholes" that are sapping revenues at a time of high federal budget deficits and potential tax changes for small businesses. The ideas are being developed for debate by the Senate Finance Committee, in charge of tax policy in that body. A U.S. House of Representatives panel is working on a parallel track. Staff to Senate Finance Committee Chairman Max Baucus and the panel's top Republican, Orrin Hatch, are working in a rare bipartisan fashion to produce the papers, the aide said. With most Democrats and Republicans squabbling over the automatic spending cuts and legislation to keep the government running, the lawmakers are swimming against the tide in seeking a tax overhaul this year. Baucus is also working in tandem with House Ways and Means Committee Chairman Dave Camp, a Republican. "The hope is that should a tax reform process or vehicle be created, the blueprint will be ready on the shelf," Chris Krueger, an analyst for investors at Guggenheim wrote in a research note recently. (Reporting By Kim Dixon; Editing by Doina Chiacu) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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