The U.S. should raise more money to help reduce the federal budget deficit through an overhaul of the tax code, said Senator Max Baucus, chairman of the Senate Finance Committee.
Jobs, innovation, competitiveness and opportunity should be four principles that govern the tax code, he said today in a speech at the Bipartisan Policy Center in Washington.
“Our tax code is growing out of control,” said Baucus, 70, a Montana Democrat. “It’s time we had a tax code for the 21st century.”
Unless Congress acts, tax rates on wages, capital gains, dividends and estates will increase at the end of the year as tax cuts expire. The tax increases are part of a so-called fiscal cliff that includes automatic spending cuts and could push the U.S. into recession if Congress does nothing, according to the Congressional Budget Office.
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