Obama administration says shares views with lawmakers on tax reform

WASHINGTON Thu Oct 31, 2013 10:14am EDT

U.S. Treasury Secretary Jack Lew speaks at Center for American Progress 10th Anniversary policy forum in Washington, October 24, 2013. REUTERS/Yuri Gripas

U.S. Treasury Secretary Jack Lew speaks at Center for American Progress 10th Anniversary policy forum in Washington, October 24, 2013.

Credit: Reuters/Yuri Gripas

Related Topics

WASHINGTON (Reuters) - The Obama administration on Thursday called on Congress to engage it on tax reform, saying plans currently considered by lawmakers "share much in common" with the White House's approach to the issue.

"There is no reason why we cannot start with the substantial policy areas that we agree on and come together to find common ground," Treasury Secretary Jack Lew told an investment summit.

Lew's comments came a day after U.S. lawmakers launched a new round of budget talks with pledges to work toward easing automatic government spending cuts.

Many analysts doubt that a substantial agreement on tax reform will be reached before mid-term congressional elections in November 2014, although lawmakers crafting reform plans such as Democratic Senator Max Baucus And Republican Representative Dave Camp continue to push for a deal.

Democratic leaders in the budget talks said on Wednesday they wanted part of any budget savings to come from increased revenue raised by ending some tax breaks for corporations and wealthy Americans.

Republican leaders, however, are largely opposed to increasing revenues except by spurring faster economic growth.

Representative Paul Ryan, the House Budget Committee chairman, said on Wednesday that any savings from eliminating tax deductions and subsidies should be used to lower tax rates.

(Reporting by Jason Lange; Editing by Vicki Allen and David Brunnstrom)

FILED UNDER:
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 (4)
tmc wrote:
Asking to much. Congress only does one thing at a time. They and the media like it that way. Either immigration reform or tax reform, not both. Besides, mid-terms are near so they will not really do anything anyway.

Oct 31, 2013 11:36am EDT  --  Report as abuse
LoveJoyOne wrote:
“Representative Paul Ryan, the House Budget Committee chairman, said on Wednesday that any savings from eliminating tax deductions and subsidies should be used to lower tax rates.”

Of course. Who cares if the country needs revenues to pay for two stupid, Republican wars and for huge tax breaks given to the rich.

The Great Republican Giveaway must continue at all costs.

Oct 31, 2013 12:22pm EDT  --  Report as abuse
flashrooster wrote:
Wait a minute. What happened to the deficit and the debt? When the Republicans shut down the government and threatened to force the country to default on our debt obligations, they first said it was to defund the ACA. When they saw that that wasn’t polling well for them, they shifted their argument to the deficit and the debt. So, now they’ve shifted once again to cutting taxes. Such a principled group, those teaheads. I think it’s clear that the Republicans can’t be trusted to put the best interests of the country first. Their judgment is grossly deficient.

Oct 31, 2013 2:14pm EDT  --  Report as abuse
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.