Daily Tax Update - July 25, 2013: Sen. Reid Says Tax Reform to Generate "Significant Revenue"

THE DAILY TAX UPDATE WILL BE PUBLISHED JULY 30 WHEN CONGRESS RETURNS

Sen. Reid Says Tax Reform Has to Generate "Significant Revenue":  Senate Majority Leader Harry Reid said today that tax reform should generate at least $975 billion in revenue, the amount in the Senate passed budget resolution for fiscal year 2013 through FY 2023.  Reid said, “It has to be under the total understanding that this can't be revenue-neutral.  It can't be even close to neutral.”

Reid said that he was not going to offer any tax reform ideas to the Finance Committee.  Reid said, “I'm not going to be involved in this.  I'm not on the committee.  I'm not going to do it. I'm not even going to consider it.”

The Senate Finance Committee plans to lock up comments from Senators on the “blank slate” approach for tax reform until 2064 and that members’ suggestions would remain confidential.  Baucus commented about the procedure not to disclose comments which are due tomorrow.  Baucus said, “Several senators have said to me how important that is to them.  It’s quite significant.”  A Finance aide said keeping the submissions confidential was “standard operating procedure for sensitive materials, including investigation materials.”  However, the submissions could be released publicly before then if they are redacted of any way of identifying the Senator who submitted them.

Tax Bills Introduced July 24:

1. [113rd] H.R.2807 : To amend the Internal Revenue Code of 1986 to make permanent the special rule for contributions of qualified conservation contributions.
Sponsor: Rep Gerlach, Jim [PA-6] (introduced 7/24/2013)      Cosponsors (134) 
Committees: House Ways and Means 
Latest Major Action: 7/24/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.2820 : To amend the Internal Revenue Code of 1986 to provide for equity relating to medical costs.
Sponsor: Rep Ribble, Reid J. [WI-8] (introduced 7/24/2013)      Cosponsors (1) 
Committees: House Ways and Means 
Latest Major Action: 7/24/2013 Referred to House committee. Status: Referred to the House Committee on Ways and Means.