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News & Views |Senate Tax Panel to Hold Hearing on Clinton's Tax-Hike ProposalsWednesday, April 21, 1999 OnLine The Senate Finance Committee will hold a hearing next week on the tax-increase proposals contained in President Clinton’s fiscal year 2000 budget request, according to a press release. The April 27 hearing will provide clues about which proposals might be accepted or rejected by committee members. Senate Finance Committee Chairman Bill Roth, R-Del., has not commented directly on Clinton’s tax-increase proposals, but has said the tax code must not interfere with legitimate international business transactions. "Our policies must ensure against those who might try to abuse the system. They must be policies that are fair and that will not interfere with legitimate long-term business planning, policies that will be to our benefit as they help legitimate businesses thrive overseas, without the taint or appearance of being engaged in tax schemes," Roth said February 25 about international business dealings. Assistant Treasury Secretary (Tax Policy) Don Lubick is expected to testify, along with representatives from --
The House Ways and Means Committee held a similar hearing on the tax-increase proposals March 10. The tax panels’ hearings do not constitute the first committee action, which is used as the proposed effective date of many of Clinton’s proposals. The committee would have to draft legislation, or report out amendments, to constitute "action." |
War Spending May Crowd Tax Cut: The price tag of the supplemental appropriations bill that funds the war in Kosovo continues to grow, thus making it harder and harder for Republican lawmakers to find money for the large tax-cut bill they hope to pass this year. The Clinton Administration has requested only a $6 billion down payment on Kosovo spending, but some GOP lawmakers said April 21 that they want the spending bill to include as much as $29 billion in funds. Lawmakers must re-evaluate their priorities, House Majority Leader Dick Armey, R-Texas, told USA Today. The GOP examination could include "some question of whether the tax reduction might need to be addressed in another way," Armey said. |
Archer Unveils Schedule: The House tax panel will hold hearings in June on relieving the burden placed on Americans by the Internal Revenue Code and plans to mark up tax relief legislation by July 16 as called for by the budget resolution, House Ways and Means Committee Chairman Bill Archer, R-Texas, told The Business Roundtable late April 20. "We learned last year that when hefty budget surpluses are left in Washington instead of returned to taxpayers, the politicians will find a way to spend it," Archer told the group. Archer also said that various small trade bills could move ahead in the coming months. In the past, the panel used targeted tax-hikes to offset the cost of similar bills, so it is important to be aware that these bill ultimately could include tax increases. One such bill, the miscellaneous trade bill, contains the proposal to curtail the use
of Section 357(c). The measure has been tied up in the Senate since February 9, when the
House approved it as part of the trade bill. |
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