Although House Republicans are set to pass their bill setting tax overhaul procedures for next year, many believe Camp will not introduce legislation to rewrite the tax code unless political leaders can reach a broad deficit reduction agreement that includes cuts to entitlement programs.
Some say Congress could end up tweaking the tax system to at least reduce economic uncertainty. “Just solving the temporary nature of the code could theoretically be called reform,” said one former Democratic tax staffer who is now a lobbyist.
Vice President Joe Biden waits to conduct a mock swearing-in ceremony with Sen. Brian Schatz, D-Hawaii, in the Capitol's Old Senate Chamber, December 2, 2014. Schatz was sworn in to serve the remainder of his term since he was appointed to the seat after Sen. Daniel Inouye, D-Hawaii, passed away.