Sun, Nov 09, 2014 - Page 7 News List

Obama seeks to grab momentum from Republicans

Bloomberg

The administration has emphasized a revamp of the business tax system in an attempt to set aside more politically contentious issues over individual taxation.

That approach is not popular on Capitol Hill. Republicans say both issues should be addressed together, because many businesses pay taxes through their owners’ individual tax returns.

Many Democrats do not agree with the administration.

The top tax aides to Senate Majority Leader Harry Reid, Senate Finance Committee Chairman Ron Wyden and Representative Sander Levin all said at a Bloomberg BNA/KPMG panel on Thursday that they prefer doing individual and corporate taxes together, in part because major tax-code changes that do not offer a benefit to individuals can be hard to sell to the public.

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