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Reform Coming in 2011?

By The Children’s Home Society of Florida Foundation

Chairman of the Federal Reserve [the FED], Ben Bernanke met January 7^th 2011 with the Senate Budget Committee. He spoke on the topic of tax reform during 2011. According to sources, Mr. Bernanke noted, “Greater clarity and certainty is obviously beneficial, and to the extent you can create more certainty about where the tax code is going to be over the next couple years, that would be helpful.”

Budget Committee Seems to Agree

Chairman Bernanke and the Senate members of the Budget Committee all noted that with the current weak economy and high level of unemployment, it is a very key year for potentially reforming the tax code. Sen. Ron Wyden (D-OR) joined with Sen. Judd Gregg (R-NH) to introduce the bipartisan Tax Fairness and Simplification Act of 2010. Sen. Wyden noted, “The big idea for economic growth in our country is fundamental tax reform, where you go in there and clean out this job-killing, thoroughly discredited mess.” Senate Budget Chair Kent Conrad (D-ND) agreed that the tax code “is just completely out of date.” He responded, “It does not take account of the world that we live in today.”

Assessment

In the House, the new Chairman of the Ways and Means Committee, Dave Camp (R-MI), also showed interest in tax reform during 2011. He suggested that it will be necessary to “streamline the tax code that today is too costly, too complex and too burdensome for families and employers.”

Editor’s Note: Both House and Senate Finance Leaders will be holding hearings this year on tax reform. Because 2011 is not an election year, it is a potentially good year for major tax reform. As was evident from the tax bill that was signed in December 2010, tax reform will require compromise between the Senate, the House and the White House. However, with the unemployment rate currently at 9.4%, there is now a growing consensus on the need for continued improvements in the tax system in order to reduce unemployment.

Conclusion

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Filed under: Taxation | Tagged: Ben Bernanke, Federal Reserve, IRS, Judd Gregg, Ron Wyden, Senate Budget Committee, Tax Fairness and Simplification Act, tax reform | 1 Comment »