Senate Finance Committee members this week supported seeminglycontradictory goals by voting to extend narrow tax breaks as theytouted an overhaul of the tax code that would imperil some of thosesame benefits.

A $205.1 billion proposal, approved yesterday by the panel on a19-5 bipartisan vote, would provide benefits for corporateresearch, wind energy producers and financial-services companiesdoing business outside the U.S. It also would prevent the expansionof the alternative minimum tax for 2012 and 2013.

“Tax reform is so monumental, is like the earth being hit by ahuge asteroid,” said Senator Jay Rockefeller, a West VirginiaDemocrat who distinguished the bill from the trade-offs that wouldbe part of an eventual tax overhaul. “We all know that we're goingto have to do some things that we don't want to do at all, and Ithink people are kind of prepared to.”

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.