The Democratic chairman and top Republican on the Senate Finance Committee are putting pressure on their colleagues and lobbyists, asking senators to justify every break in the U.S. tax code or risk its elimination.
Eleven years ago, eliminating income taxes for low-income Americans was an applause line for a Republican president. Mitt Romney in 2012 sees the number of people paying nothing as a political problem.
Deficit-reduction principles backed by more than 80 U.S. chief executive officers are so broad that anti-tax advocate Grover Norquist and an ally of President Barack Obama both claim their plans could satisfy the standards.
President Barack Obama plans to send his fiscal 2014 budget to Congress in mid-March, a budget official said, delaying the fiscal blueprint as the administration and congressional Republicans wrangle over taxes and spending.
More than 80 chief executive officers of U.S. companies, including Cisco Systems Inc., Microsoft Corp. and Loews Corp., are now supporting a campaign to reduce U.S. federal deficits through spending cuts and tax increases.
The U.S. Chamber of Commerce is urging the new congressional deficit-reduction committee to overhaul the tax code without taking a position on the central issue of whether higher taxes should be part of the proposal.
Business-friendly House Democrats are urging Congress to overhaul the tax code by lowering corporate rates, removing breaks and easing the burden on U.S. companies’ overseas operations, mirroring some Republican goals.
The fiscal plan outlined by House Budget Chairman Paul Ryan calls for reducing the top individual and corporate tax rates from 35 percent to 25 percent, which would require lawmakers to consider eliminating tax breaks such as the mortgage interest deduction to meet his revenue targets.