Corporate Tax Reform Enters Fiscal Cliff Talks
Posted at 12:45 p.m. on Dec. 12, 2012
The Wall Street Journal reports that President Obama has slightly altered his “fiscal cliff” position as negotiations continue, including an overhaul of the corporate tax code and reducing the revenue target from $1.6 trillion to $1.4 trillion.
“Democrats and Republicans involved in the cliff talks are trying to design a two-phase timetable. If a deal is reached, it would lock in some changes to taxes and spending rules by the end of 2012 and then require a number of more significant changes next year to entitlement programs and the tax code. The White House’s corporate-tax plan would fit into the second phase, giving lawmakers, White House officials and business groups time to work through the details.”