WHAT’S YOUR TAX FANTASY? House Ways and Means Committee chairman Bill Archer’s (R-Tex.) is to simplify tax law, and he’s asked top business organizations for their lists of tax priorities.
Among the items listed by The Business Roundtable: make the R&D tax credit permanent, keep the Treasury Department from reintroducing a plan to change foreign source rules, and, reduce corporate tax rates. On the U.S. Chamber of Commerce’s list: lower the capital-gains tax and simplify foreign tax rules. Martin Rigalia, vice president for economic and tax policy at the Chamber, has high hopes for Archer’s efforts, noting that good economic times create a favorable environment for tax reform.
Change would be welcome, says Steven Toups, CFO of McKesson APS, a pharmacy productivity business based in Pineville, La., no doubt speaking for many. “The system,” he says, “should be more user-friendly, more understandable, and a lot simpler.”
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