Rostenkowski to Introduce Tax Simplification Bill
Addressing the American Institute of CPAs spring tax division meeting, House Ways and Means Committee Chairman Dan Rostenkowski D-Ill.) said he plans to introduce a tax simplification bill.
"I will do everything I can to see that the bill moves along in my committee and in the House," he said.
"This measure will not be a simplification bill to end all simplification bills," Rostenkowski remarked. "We stand a better chance of success if we proceed incrementally and simplify discrete portions of the code rather than try to do the job in one stroke. "
The House Ways and Means Select Revenue Measures Subcommittee, headed by Charles Rangel (D-N. Y.), is currently studying legislative proposals to simplify portions of the Internal Revenue Code addressing widely held partnerships, pensions and tax-exempt bonds.
Rostenkowski said he would "try to control my committee's appetite" to attach items unrelated to simplification to his bill, such as proposals to extend tax breaks set to expire this December.
Not a fairness" bill. Rostenkowski also noted his bill would not aim to increase the fairness of the tax code. A revenue-neutral tax fairness package introduced in May by Ways and Means Committee member Thomas Downey (D-N.Y.) and Senator Albert Gore (D-Tenn.) calls for, among other things, a new 800 refundable tax credit for children, an expansion of the earned income tax credit, an increase in the top income tax rate to 35% and an 11 % surtax on upper income taxpayers.
"I'm very doubtful a tax fairness package could pass the House, much less get the President's signature," Rostenkowski told the meeting. IRS OFFICIALS HAVE THEIR SAY AT TAX DIVISION MEETING A number of Internal Revenue Service officials described the IRS's plans and goals at the American Institute of CPAs spring tax division meeting in Washington, D. …