United States Senate Committee on Finance has scheduled a hearing on December 2, entitled “Tax Reform: Historical Trends in Income and Revenue.” Witnesses scheduled to testify include:

  • Dr.Thomas A. Barthold, Chief of Staff, Joint Committee on Taxation, Washington, DC
  • Dr. Mark J. Mazur, Deputy Assistant Secretary for Tax Analysis, United States Department of Treasury, Washington, DC
  • Dr. Douglas Elmendorf, Ph.D., Director, Congressional Budget Office, Washington, DC

Deficit reduction and tax reform will be a major topic of debate in the 112th Congress. In November, two bipartisan working groups released frameworks for reducing the federal deficit and balancing the budget. Both groups suggested lowering the overall individual and corporate tax rates by eliminating all or most federal tax expenditures (tax deductions and credits), which could include the Low-Income Housing Tax Credit, Historic Rehabilitation Tax Credit, the New Markets Tax Credit and various energy tax credits. Read More…