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Friday, October 06, 2006
Wyden We Think of That?
In the aftermath of the House earmark disclosure rule adopted last month, the debate about the adequacy of that rule’s scope continues.
The rule requires the disclosure only of earmarks with a single ultimate beneficiary. So, critics point out, far more “pork spending” than “tax expenditure” earmarks will be disclosed, since the latter tend to benefit industries and sectors, rather than individuals and single entities.
Sen. Ron Wyden (D-OR) said this week in a podcast by the Tax Foundation that he wants to address this imbalance. As reported by BNA, Wyden said "If we're going to be tougher on the spending side with these earmarks, let's look to being more rigorous with regard to gratuitous tax breaks as well."
In this vein, Sen. Wyden said, he hopes to see action in 2007 on his bill, S. 1927, a broad and ambitious bill that aims to eliminate tax breaks and make other sweeping reforms, while “provid[ing] real tax relief to the middle class.”
The devil is in the details, but combining tax earmark disclosure, tax loophole closure, tax simplification, increased progressivity, and long-term savings and investment incentives --all in one revenue neutral package — makes S. 1927 an interesting place to start a fiscally responsible tax reform discussion.
Posted by Dana Chasin
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