Daily Tax Update - April 15, 2008

SENATE FINANCE COMMITTEE SCHEDULES HEARINGS ON TAX REFORM: Today, the Senate Finance Committee announced a series of hearings on tax reform in preparation for a “comprehensive overhaul of the tax code” in 2009.

  • Committee Chairman Max Baucus (D-MT) said, “The Finance Committee needs to be informed and ready to go in January 2009, and that means we have to work hard now. We have to first understand pretty comprehensively how the system works today. We have to talk about the natural tensions in tax reform, and what actually happens to working families, to American businesses, and to our country’s global competitiveness depending on how we change the code. Even in a year where much won’t get done legislatively, we can build a framework of knowledge on which to review options and proposals when it’s time for tax reform.”
  • The dates for the upcoming hearings are:
    • May 13 – Taxing Individuals: This hearing will review the concept of implementing social policies through the tax code, will identify those goals that the tax code addresses most effectively, and will ask whether these goals should be part of a reformed system.
    • June 5 – Taxing Businesses: This hearing will explore the way we currently tax the income of domestic non-corporate businesses and will seek to identify the economic effects of the current multi-tiered pass-through regime.
    • July (date TBA) – Taxing American Multi-Nationals: This hearing will examine how to ensure equity and competitiveness in the taxing of multi-national companies.

H.R.5783: To amend the Internal Revenue Code of 1986 to allow taxpayers to make contributions to the Federal Government on their income tax returns.
Sponsor: Rep Campbell, John [CA-48] (introduced 4/14/2008)      Cosponsors (44)

H.R.5784: To amend the Internal Revenue Code of 1986 to allow individuals a refundable credit against income tax for the purchase of private health insurance.
Sponsor: Rep Granger, Kay [TX-12] (introduced 4/14/2008)      Cosponsors (3)

H.R.5785: To amend the Internal Revenue Code of 1986 to provide a credit for providing volunteer service to military families through the America Supports You program of the Department of Defense.
Sponsor: Rep Hill, Baron P. [IN-9] (introduced 4/14/2008)      Cosponsors (None)

H.R.5786: To amend the Internal Revenue Code of 1986 to allow a deduction for care packages provided for soldiers in combat zones.
Sponsor: Rep Hill, Baron P. [IN-9] (introduced 4/14/2008)      Cosponsors (None)

S.2851: A bill to amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers.
Sponsor: Sen Bunning, Jim [KY] (introduced 4/14/2008)      Cosponsors (2)

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