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Congress Back to Fighting Over Taxes

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  • Description

    FBN's Rich Edson with the next battle to hit D.C.—corporate tax reform.

  • Duration 2:21
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This transcript is automatically generated

Air rich Schatz and joins us live from DC with the next -- it.

Although watching a midyear or talk about tax reform will congress actually get around the corporate tax reform I couldn't resist the cockroach.

Comparison.

-- weeds rich you can decide which he liked to have effort.

We need -- -- -- down here click cockroaches in the wall let's veto cockroaches.

And and congress.

Barely finished off essential fights this year though there is significant movement actually towards comprehensive tax reform especially corporate tax reform.

-- during the failed super committee talks about five members Democrats and Republicans.

We're looking to reduce the US corporate tax burden highest in the industrialized world 35%.

Even when factoring in all the corporate deductions one recent study says the rate is nearly 28%.

Still on the high side internationally.

We've got to stop fighting with one hand tied behind our back we have to lower the rate.

And we have to go to what's called -- territorial tax system which basically lets us be more competitive globally.

-- senator Portman is writing a proposal it would lower the corporate tax rate in the US to 25%.

And so -- another proposal by house Ways and Means Committee chairman Dave Camp still.

Congress has had a tough time approving legislation to keep government open let alone some of these other things so tax reform may have to wait until after the Election Day in.

What -- -- differences here -- where are looking -- -- we know these proposals would ensure the government takes in as much money under new system is it does currently -- that means billions in specific tax breaks would essentially disappear.

And discussions on creating a new system are focused on which tax deductions.

Would go.

Someone's loophole -- sort of tax break.

Is someone else's essential tax incentives.

And so that's will be challenged to find common ground but again we did have a very good.

Discussion and I think there was a healthy.

Beginning to what I hope will be corporate tax reform.

Know many of these corporate tax proposals are in early stages lawmakers have yet to identify which tax deductions will disappear.

Though an aide to senator Portman says cutting the tax rate to 25% as he does in his proposal.

-- you had almost every tax deduction making it less likely for some lawmakers to play favorites steak and -- thank you so much for that rich -- -- downtown Washington.

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