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“Tax writers promise 50 years of secrecy for senators' suggestions” The Hill Bernie Becker 07/24/13.

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Presentation on theme: "“Tax writers promise 50 years of secrecy for senators' suggestions” The Hill Bernie Becker 07/24/13."— Presentation transcript:

1 “Tax writers promise 50 years of secrecy for senators' suggestions” The Hill Bernie Becker 07/24/13

2 Taxes: 50 years of Secrecy The Third Rail of Politics: Taxes: 50 Year Pledge of Secrecy “The Senate’s top tax writers have promised their colleagues 50 years worth of secrecy in exchange for suggestions on what deductions and credits to preserve in tax reform.”

3 Taxes: 50 years of Secrecy 50 Year Pledge of Secrecy: Details of Plan “Senate Finance Committee Chairman Max Baucus (D-Mont.) and the panel’s top Republican, Sen. Orrin Hatch (Utah), assured lawmakers that any submission they receive will be kept under lock and key by the committee and the National Archives until the end of 2064.” “Deeming the submissions confidential, the Senate’s top tax writers have said only certain staff members — 10 in all — will get direct access to a senator’s written suggestions. Each submission will also be given its own ID number and be kept on password-protected servers, with printed versions kept in locked safes.”

4 Taxes: 50 years of Secrecy Why all the Secrecy? The Politics of Taxes “It…illustrates the enormous pressure being brought to bear by K Street lobbyists, who are working furiously to protect their clients and the tax provisions that benefit them.” What is at Stake? “Given the enormous amount of money on the line — more than $1 trillion a year in tax expenditures are up for possible elimination — blowback from interest groups and businesses could easily derail the process.”

5 Taxes: 50 years of Secrecy Party, Partisanship and Taxes “Hatch stressed that he still expects a fair number of GOP senators to give him oral suggestions, and Sen. Richard Burr (R-N.C.) told The Hill that he thought all Republicans would decide against putting ideas down on paper.” Never Write Anything Down “We’re getting a lot of input regardless,” Hatch said. “All I want is input. I don’t care how they do it, whether it’s in writing or whether it’s personally.”

6 Taxes: 50 years of Secrecy Party, Partisanship and Taxes : What To Do with Money “While Republicans want the additional revenue from a simplified code to be used solely for lowering tax rates, Democrats want some of the windfall to go toward paying down the deficit.”


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