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Tax Fairness Bill Update: Wyden and Gregg on Morning Joe

tax reformSenators Ron Wyden (D-OR) and Judd Gregg (R-NH) on Morning Joe this morning talked up their Bipartisan Plan for Tax Fairness. Here are the highlights:

  • Wyden said the plan is essentially a jobs program because it reduces corporate rates to a flat 24% while at the same time eliminating the corporate tax deferral on invested foreign profits. This, he suggested, will result in the return to America of exported jobs.
  • Gregg said the plan “levels the playing field” on deductions and credits while at the same time lowering middle-class tax rates. 
  • Gregg sounded the alarm on the rising deficits:

Our government is not on a sustainable path right now. We’re headed toward insolvency.

  • Wyden, when asked if he thought it was possible to get bipartisan support for the measure, said,

Everybody bets against tax reform until fifteen minutes before it happens.

About

Peter is a tax attorney and certified public acccountant with over 20 years experience helping taxpayers resolve their IRS and state tax problems. He has represented thousands of taxpayers who have been experiencing difficulty dealing with the Internal Revenue Service or State tax officials. He is a member of the American Association of Attorney-Certified Public Accountants, the Florida Bar Association and The Florida Institute of Certified Public Accountants and is admitted to practice before the United States Tax Court, the United States Supreme Court, U.S. District Courts - Middle District of Florida

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