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Where corporate tax reform will go next year

MarketWatch

Tuesday, December 16, 2014

Don’t count on a big corporate tax reform deal in 2015. But count on real movement toward one.

President Barack Obama and congressional Republicans have both made cases in recent weeks for overhauling the sprawling U.S. business tax code. Yet the window is narrow, and a major deal will probably have to wait, given that both parties are increasingly focusing on the 2016 presidential race…

“There is bipartisan support for making changes to the corporate income-tax code,” says Bill Hoagland of the Bipartisan Policy Center. But Hoagland is pessimistic about a near-term deal for reasons that include the 2016 presidential campaign and must-pass items in Congress like raising the U.S. debt limit during 2015.

“Come July, August, I’m afraid we will be into presidential politics,” says Hoagland, a former staff director of the Senate Budget Committee. “If you’re going to do it, you have to move pretty quickly,” he says.

KEYWORDS: BILL HOAGLAND, CORPORATE INCOME TAX, SENATE BUDGET COMMITTEE