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A Surprisingly Thin Aisle On Tax Reform
Author: Scarinci Hollenbeck, LLC
Date: October 15, 2014
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With the midterm election on its way and partisan angst at an all-time high, it is easy to feel like necessary changes in U.S. policy will never get done. One particularly vitreous area of debate centers around the broken corporate tax code. According to some analysts, however, Republicans and Democrats aren’t as far off on major issues as many assume.
According to The Hill, director of the National Economic Council Jeff Zients called the Obama administration framework “remarkably similar” to that of House Ways and Means Committee Chairman Dave Camp. “That makes me optimistic that we can get something done.”
A number of other major figures have also noted that both sides want similar things out of corporate tax law reform, though many are not optimistic about the prospects of something happening in the next few years. One figure who is optimistic is Gene Sperling, writer for The Wall Street Journal. Sperling compared Republican and Democrat priorities across various elements of corporate tax reform.
According to Sperling, the White House would like to lower the corporate tax rate from 35 percent to 28 percent for corporations and 25 percent for manufacturers. Republicans aren’t far off with calls for a straight 25 percent tax rate. The difference represented by this 3 percent is the Research and Experimentation Tax Credit, which helps to support high-skill jobs in the U.S. Ultimately, the difference appears surmountable.
Sterling found more similarities in comparing politician’s priorities across the aisle in terms of the treatment of small businesses, pass through entities and how to deal with foreign earnings. He even found significant room for compromises that could be acceptable to both sides on revenue neutrality and infrastructure spending.
What becomes clear is that the barriers to tax reform have much less to do with policy and more to do with brand differentiation. There may not be hope for tax reform before the November elections, but it may become possible in 2015.
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
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