Q&a: Why A Tax Overhaul Is Such A Tough Job For Gop

By STEPHEN OHLEMACHER, Associated Press, San Francisco Chronicle: Politics
Mon, 06/26/2017 - 12:59am

WASHINGTON (AP) — Why are Republicans struggling mightily to reach a consensus on how to overhaul the nation's tax system? Administration officials have talked about simplifying the tax system and getting rid of deductions, but have offered few specifics. A growing number of Republicans say they would rather cut taxes than tackle the difficult task of overhauling the tax system. Republicans are working to pass a tax plan under a procedure that requires only a simple majority in the Senate, preventing Democrats from blocking it. "Every expert agrees that temporary reforms will only have a negligible impact on wages and economic growth," said Ryan, R-Wis. The tax is often described as a tax on imports because companies that import goods would also pay the tax, but they could not deduct the cost of imported goods as a business expense. A popular idea on Capitol Hill is to cut tax rates for everyone — individuals and corporations — and make up the lost revenue by eliminating special-interest loopholes. On the corporate side, if Congress eliminated just about every tax break enjoyed by corporations, it would raise only enough revenue to lower the corporate tax rate to 28.5 percent, according to an analysis by Scott Greenberg, a senior analyst at the conservative Tax Foundation. Greenberg modeled the effects of eliminating 54 different tax breaks enjoyed by corporations, including the widely used domestic production credit and the popular credit for research and development.

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