Finance Chairman Preps Congress for Tax Reform

According to The Hill, Senate Finance Committee Chairman, Max Baucus (D-Mont) has put the committee on notice to expect a comprehensive tax reform overhaul this fall. While not committing to a specific start date, Baucus has promised a thorough rewrite of the tax code sometime after August. Frenzied lobbying has already begun on which allowances should stay and which should go.

The move to draft and debate legislation on the Finance Committee — a daunting task that could take weeks of work — is just the latest sign that Baucus is serious about passing the first overhaul of the tax system since 1986.