Joint Committee On Taxation To Undertake Additional Research In Tax Reform Legislation

On March 15, the chairmen of the congressional tax writing committees directed the Joint Committee on Taxation (JCT) to undertake additional research that will culminate in tax reform legislation. During an organization meeting of the panel, Sen. Max Baucus (D-MT), chairman of the Senate Finance Committee, and Rep. David Camp (R-MI), chairman of the House Ways and Means Committee, instructed the JCT staff “to continue its work on tax reform and undertake specific research that will help advance the ability of the Congress to enact comprehensive tax reform that will lower tax rates and broaden the base, reduce complexity, and promote job creation.” Rep. Camp will serve as chairman of the JCT for the first session of the 112th Congress, and Sen. Baucus will assume the position during the second session. “[To] assume that corporate reform alone will provide the spark necessary to jumpstart our economy would be a mistake,” Camp said, adding that Congress “must take a comprehensive approach to tax reform so that we address the needs of all job creators, big and small.” An analysis of the impact of potential changes to the Code “will help us work together to improve our tax code so it helps put Americans back to work and ensures our long-term prosperity,” Baucus said.