Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Dim prospects for House Republican plan to overhaul tax code
Source: Los Angeles Times
Dim prospects for House Republican plan to overhaul tax code
By Lisa Mascaro
February 26, 2014, 3:32 p.m.
WASHINGTON -- A top House Republican unveiled an ambitious tax code overhaul Wednesday, taking aim at long-protected loopholes for mortgage interest deductions, corporate jets and Wall Street pay, while promising to lower top rates to 25% for most individuals and corporations.
But it has little chance of becoming law.
The White House cautiously welcomed the effort, but top Republican leaders in Congress, including House Speaker John A. Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.), showed little interest in putting GOP lawmakers in the uncomfortable position of compromising with President Obama as the midterm election approaches.
Their lack of enthusiasm all but ensured there would be no legislative action in the divided Congress.
[font size=1]-snip-[/font]
By Lisa Mascaro
February 26, 2014, 3:32 p.m.
WASHINGTON -- A top House Republican unveiled an ambitious tax code overhaul Wednesday, taking aim at long-protected loopholes for mortgage interest deductions, corporate jets and Wall Street pay, while promising to lower top rates to 25% for most individuals and corporations.
But it has little chance of becoming law.
The White House cautiously welcomed the effort, but top Republican leaders in Congress, including House Speaker John A. Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.), showed little interest in putting GOP lawmakers in the uncomfortable position of compromising with President Obama as the midterm election approaches.
Their lack of enthusiasm all but ensured there would be no legislative action in the divided Congress.
[font size=1]-snip-[/font]
Read more: http://www.latimes.com/nation/politics/politicsnow/la-pn-house-republican-tax-overhaul-20140226,0,7213293.story
