KAKE - Money - Headlines

Key Senator Wants Tax Overhaul To Boost Economy

Stay up-to-date with KAKE News:

Monday, June 11, 2012

The Senate's top tax writer says he wants to overhaul the nation's tax code to help make the economy stronger and raise additional revenue to reduce budget deficits.

Senate Finance Committee Chairman Max Baucus said in a speech Monday that a rewritten tax code should also promote more innovation and opportunity.

Many Republicans say a tax overhaul should involve lower rates and fewer tax loopholes but should have no net impact on the deficit.

The Montana democrat provided little detail about how he would change tax laws.

He said a tax overhaul would likely have to wait until after lawmakers deal with a year-end "fiscal cliff," when billions in tax cuts will expire and billions in automatic spending cuts will start taking effect unless Congress acts.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 158437195 - kake.com/a?a=158437195