Wealth and Investing Center

Boehner wants tax reform on super committee menu

Speaker of the House John Boehner speaks to the media on Capitol Hill in Washington August 1, 2011.REUTERS/Joshua Roberts

Speaker of the House John Boehner speaks to the media on Capitol Hill in Washington August 1, 2011.

Credit: Reuters/Joshua Roberts

WASHINGTON | Thu Sep 15, 2011 1:11pm EDT

WASHINGTON (Reuters) - The top Republican on Thursday will call on a special congressional committee to consider tax reform that would close loopholes but not raise rates as part of its bid to cut the deficit, an aide said.

House of Representatives Speaker John Boehner also will say in a speech that the "super committee" should consider changes to benefits programs like Medicare and Social Security, according to a summary provided by his office.

In addition, Boehner will deliver what promises to be the most comprehensive Republican response yet to President Barack Obama's proposed $447 billion jobs creation plan. Republicans so far have said they could accept some elements of that plan but have rejected the tax increases on the wealthy that Obama has proposed to pay for it.

Boehner will argue that Republicans and Democrats should work together to reduce business regulations and lower taxes and spending to boost job creation and economic growth, according to his office.

The super committee is expected to take a close look at the tax code and benefits as it works to trim at least $1.2 trillion from annual budget deficits over a 10-year period.

The committee must finish its work by November 23, and many observers say it would be hard pressed to finish a comprehensive rewrite of the tax code by then. But the panel could lay out the broad outlines of tax reform and instruct other lawmakers to fill in the details.

Republicans and Democrats broadly agree on the need to eliminate some of the loopholes and exemptions that cost the government about $1 trillion in lost revenue each year.

But they disagree about the details -- particularly how much the tax system would raise in revenue, and what the top income-tax rate should be.

Boehner is due to deliver the speech at 1 p.m. EDT (1700 GMT) at the Economic Club of Washington.

(Reporting by Andy Sullivan and Thomas Ferraro; editing by Vicki Allen)

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (8)
fromthecenter wrote:
In other words, don’t remove the bush tax cuts and oil companies. Lets cut medicare and social security instead. I would love to see them remove all these loopholes and lower the corporate tax break. But you know who will never let this happen. The same corporations that have been saying they won’t hire here because the corporate tax rate is too low.

Sep 15, 2011 11:07am EDT  --  Report as abuse
PCScipio wrote:
Did Boehner say anything about changes to the Congressional health and retirement plans?

Sep 15, 2011 11:12am EDT  --  Report as abuse
PessimistNJ wrote:
john boehner is just another status quo career politician placating to his pac’s and special interest supporters and campaign contributors. Just like President Barack obama, The only difference between the 2 parties anymore are who they accept money from. president obama’s jobs bill just placates to his Pac and special interest contributors. either party is just the same old Washington rhetoric status quo politics. bottom line neither side wants real change neither side will accept real change because it’ll hurt them economically and financially. american politics and politicians are the finest your money can buy…..

Sep 15, 2011 11:30am EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.