The Senate's top tax writers have promised their colleagues 50 years worth of secrecy in exchange for suggestions on what deductions and credits to protect in tax reform. Finance Chairman Max Baucus (D-Mont.) and the panel’s top Republican, Sen. Orrin Hatch (Utah), are telling skeptical lawmakers that any submission they receive will not be released by either the committee or the National Archives before the end of 2064. Deeming the submissions confidential, the two top tax writers are also ensuring that only certain staff members get access to a senator’s written suggestions. Each submission will also get its own ID number, and be kept on both password-protected servers and a locked safe. [The Hill]
Related Posts
Warren Buffett Has No Problem Backing the Buffett Rule
The Oracle said as much in a letter to Buffett Rule scribe, Senator Sheldon Whitehouse […]
Here’s Your March 15th Filing Deadline Open Thread
It would be remiss of us to not recognize today, March 15th, as the first […]
Tax Changes for Haiti Donations Is Bad Legislation. So What?
Not surprisingly, the House passed H.R. 4462 earlier today in order to accelerate charitable donations made for the relief efforts in Haiti. The bill was sponsored by Charlie Rangel (D-NY) and Dave Camp (R-MI).
We pointed out the thoughts of Howard Gleckman over at Tax Vox this morning and our contributor, Joe Kristan chimed in agreement earlier over at Tax Update Blog:
When something bad happens, politicians reflexively reach for the tax code. They should put it down and back away slowly…As bad as Haiti is, it’s not the first disaster ever, and one more change to the tax law isn’t going to solve that sad country’s problems. Of course, the proposed changes are more about politicians making a show of concern than actually accomplishing anything.
While our sentiments are with these two tax gurus, let’s not forget that every single member of the House of Representatives is up for re-election in less than 10 months. No one was going to vote against this bill. The Senate will pass it and the POTUS will sign it.
Noting that the bill is bad policy misses the point. We’ve all gotten used to Congress making the tax law progressively worse, so is it really necessary to mention that two-thirds of taxpayers don’t itemize deductions and thus, won’t see any benefit at all on their 2009 tax returns?
Those two-thirds of taxpayers don’t think about the standard deduction when they donate money to anything. It’s not about solving the problems of the mind job of the IRC, it’s about encouraging people to do what they can to help.
Save the bitching about Congress for [insert anything else].
Haiti Tax Relief [TaxProf Blog]
hr-4462.pdf