LEGISLATIVE LANDSCAPE
House & Senate: Lew Touts Obama's FY2015 Tax
Proposals. Treasury Secretary Jack Lew appeared before
both the House Ways & Means Committee and the Senate Finance
Committee last week to review the revenue proposals contained in
President Obama's Fiscal Year 2015 Budget Request.
Some Common Ground. Ways & Means Chairman
Dave Camp (R-MI) expressed support of the administration's
proposals to make permanent small-business expensing under Section
179 of the Internal Revenue Code and the research & development
tax credit, but he questioned Lew about the proposal to permanently
extend select tax breaks -- such as the Earned Income Tax Credit --
without an offset. Lew indicated that different characteristics
warrant different treatment of certain tax credits -- a response
that did not appear to satisfy Camp. Lew and Camp did, however,
seem to be on the same page about consolidating several education
tax credits.
