Tax reform has been in the offing ever since the 2008 elections. It took a back seat to more pressing national problems for a few years, but calls for major tax legislation have become more frequent and believable. One source of the calls has been the White House when seeking a “grand bargain” on taxes and spending programs, which so far have fallen on deaf ears in Congress. The other sources have been various interest groups and members of Congress who are thinking of tax reform in other terms. Now, Senator Baucus has released drafts of several specific proposals. This advisory reviews what form tax reform can take in general. We will discuss the specific Baucus proposals in later issues.
The full advisory is provided on the Alston & Bird website: www.alston.com/advisories/fed-tax-dec-2013