There was an interesting article in yesterday’s Wall Street Journal about the difficulties facing an overhaul of the tax system. The article can be found here.
By: Amanda Wilson
Last week, I was at the ABA Tax Section meeting in DC, and one refrain that I heard over and over is that tax reform is a major priority for Congress. The Obama administration has basically shut down the possibility of personal tax reform by threatening a veto on any legislation that lowers the top individual tax rate from 39.6%. However, business tax reform continues to be open for discussion, and there is a strong appetite for lowering the corporate tax rate. The key issue, though, is that any tax reform will have to come soon – before the presidential campaign over shadows everything.