President Barack Obama and fellow Democrats are still eager to trim the budget deficit by closing tax loopholes for the corporate jet set, but the bipartisan debt ceiling deal pushed through Congress will most likely complicate the efforts.
Republican congressional leaders have made it clear they’ll continue to oppose revenue increases. And under the agreement, any imminent changes to the unwieldy Tax Code will go through a congressional deficit-reduction super committee that faces a tight timetable for action.
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So many analysts and others involved in tax issues suggest the $2.4 trillion in savings over the next decade will probably come from spending cuts alone.
“Tax reform has been used as a crutch, as a smokescreen and as candy coating for the hard choices that have to be made,” said Martin Sullivan, a former Treasury Department economist who’s writing a book about tax reform. “If the runway were clear, maybe we could do it, if it were our top priority.”
A former tax policy adviser for several congressional committees put it this way: “There’s just not enough time to actually have a thoughtful discussion about what some kind of comprehensive tax reform would look like.”
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