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by
Stephen Kruiser

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June 17, 2014 - 3:19 pm

And then it’ll be 2016 fever.

The U.S. Senate’s chief tax law writer on Tuesday vowed to work on overhauling the federal tax code by August 2015, citing a move by Medtronic Inc to shift its tax home base to Ireland as a spur to congressional action.

Senator Ron Wyden, the chairman of the Senate Finance Committee, said he wants to cut the corporate income tax rate to 24 percent from 35 percent, chiefly by eliminating loopholes. Wyden has advocated this proposal for years. Multinational companies have been clamoring for a tax cut.

The Oregon Democrat said there will be an opening for tax reform between now and Congress’ August 2015 break. After that, lawmakers will be consumed by 2016 presidential election-campaign politics, he said.

“There is a prime 15-month window from now until the August recess of 2015,” he said at a Wall Street Journal conference.

“We do need to go after some of these loopholes,” Wyden said. “You go in there, clean those out, and use the money to hold down the rates.”

Wyden is one of the few lawmakers in the U.S. Congress to have a comprehensive plan for rewriting the tax code. He first offered it as legislation in 2010. Congress has not thoroughly recrafted the loophole-riddled tax code since 1986.

I’m so old I remember when this kind of thing was a real priority for Republicans. They’re paying it some lip-service this year but it’s difficult to take the Debt Ceiling Punters seriously when it comes to anything having to with real fiscal responsibility.

Hey, if a Democrat can get the ball rolling maybe, just maybe, the Republicans can keep it going if they take back the Senate.

Maybe.

Stephen Kruiser is a professional comedian and writer who has also been a conservative political activist for over two decades. A co-founder of the first Los Angeles Tea Party, Kruiser often speaks to grassroots groups around America and has had the great honor of traveling around the world entertaining U.S. troops.

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All Comments   (7)
All Comments   (7)
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Wyden makes no sense.

He proposes to eliminate the "loopholes" in the corporate tax, so presumably, corporations will have to pay more in taxes. He will then use the extra money, to lower the corporate tax, so corporations will be paying the same amount they used to pay when they took advantage of the "loopholes".

Is there any point to this masturbatory exercise?
17 weeks ago
17 weeks ago Link To Comment
Potentially, yes. Depending on how "loophole" is defined, eliminating them could lead to businesses making decisions based on the market, rather than the tax code. This would lead to a more efficient economy.

However, politicians being politicians, and progs being progs, I find it far more likely that "loophole" will be defined as "doing something I, as a Congressman, dislike." Meaning economically efficient but politically unpopular acts - like drilling for oil - will be discouraged by the tax code.
17 weeks ago
17 weeks ago Link To Comment
Shut down the IRS.

Do not reform it. Do not investigate it. Do not "fix" it.

Change the tax code so that the IRS is shut down. Fire every employee. All of them.

Shut down the IRS. Now.
17 weeks ago
17 weeks ago Link To Comment
If you eliminate corporate income tax you don't have to worry about "loopholes" - most of which are simply ways to manipulate corporate behavior - at all.

Worst case, it costs the government around $200 billion a year. Probably much less due to increased economic efficiency. And taxing dividends and in-kind compensation as regular income would fill in even more of the hole.

Of course, doing that would prevent the government from using tax-free status as a means to control and encourage certain groups (and discourage others), so there's no way the Democrats would go for it.
17 weeks ago
17 weeks ago Link To Comment
If you eliminate the income tax and IRS you don't have to worry about loopholes or tyranny.
17 weeks ago
17 weeks ago Link To Comment
Even if you eliminate the income tax, you'll still need something akin to the IRS, even if it has a different name. There needs to be some agency to ensure taxes are being paid, no matter if the tax is on income, sales, or imports.
17 weeks ago
17 weeks ago Link To Comment
While we're at it why not give us a flat tax? Or a consumption tax, That way there is no need to file at the end of the year?

Those make too much sense - especially the former - so I guess it's a pipe dream. Just like Republican leadership and follow through.
18 weeks ago
18 weeks ago Link To Comment
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