On Tuesday, the Senate Finance Committee conducted a tax reform hearing on compliance and administration of the tax code. Witnesses included Carol Markman of EP Caine & Associates, Mihir Desai of Harvard University, Bruce Bartlett, former deputy assistant secretary for economic policy, and T. Keith Fogg of Villanova University School of Law.
“I'd like to get rid of them,” stated Chairman Hatch, alluding to the personal exemption phase-out (PEP) and cap on itemized deductions (Pease). “That would be one of the great simplification factors.” PEP and Pease have been estimated to raise about $150 billion over a decade. The provisions affect individual taxpayers with adjusted gross incomes of $250,000. Later in the hearing, Markman raised concerns with the “1031 issue” under which gains on real estate sales can be postponed if they are reinvested in other property, but only business property.
The Finance Committee announced a fourth in a series of recent tax reform hearings for March 17 on international taxation with four witnesses scheduled to appear including: Pam Olson, PricewaterhouseCoopers LLP; Anthony Smith, Fisher Scientific; Dr. Rosanne Altshule, Professor, Rutgers University; Stephen Shay, Professor, Harvard Law School.
For more information, please contact Brian Lenihan at lenihanb@agc.org or (202) 547-4733. Return to Top