Despite indicating that there will not be any major tax changes for either individuals or businesses for this fiscal year, new Senate Finance Committee Chairman Ron Wyden has established extending U.S. tax credits and deductions as a priority.
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| U.S. SCF Chairman Ron Wyden |
"Our hope is that we can get (the tax credits and deductions) reenacted promptly,” states Wyden. However, his plan does not end there, as he has admitted to using these tax credits as a bridge to “more comprehensive reform.” Regardless of his goals, Wyden has suggested that more substantial tax code changes are not close from occurring. This is reiterated by the fact that Republicans and Democrats alike are lowering their expectations of passing substantial legislation before the November elections that will determine which party controls Congress for the final two years of Obama’s reign as President. Wyden, an Oregon Democrat, supports a rule proposed by the IRS that could limit political spending from outside interest groups that are classified as non-profit social welfare organizations.
This legislation, if passed, could be crucial for the upcoming elections. It would require all groups funding politics to disclose their donors. This change would impact Republicans as well as Democrats, which proponents argue would create a more democratic political environment.
Wyden has also recently expressed support for a lawsuit from Kentucky Republican Senator Rand Paul, which claims the U.S. electronic surveillance of telecommunications is illegal. Wyden stated this violates the Fourth Amendment. How this relates to his stance on tax-code revision is unclear, however it may be an attempt for Wyden to increase his popularity amongst a growing sector of libertarian-oriented Republicans.
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Chris Geary
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