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.
Terri Henderson, 6, center, whose mother is El Salvador, attends a rally with members of Congress at Union Station's Columbus Circle to announce the Restore Opportunity, Strengthen, and Improve the Economy (ROSIE) Act on July 29, 2014. The legislation provides incentives for government contractors to pay a living wage and other benefits that would help low-income workers.