Say Bye-Bye to Reform: Obama Becomes Clinton

There has been no shortage of encouraging words about tax reform from the White House...

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Unfortunately, all words and no action. Despite these statements and others like them, there is really no commitment from the Obama administration for broad-based tax reform. The administration's lack of interest in comprehensive reform is evident in its non-endorsement of any of the recommendations of the [President's Economic Recovery and Advisory Board (August 2010) or the Bowles-Simpson commission (December 2010)]...

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[Obama wants]... new tax benefits for "advanced manufacturing technologies," for moving expenses of companies shifting operations into the United States, for investment in communities that have suffered a "major job loss event," and for "clean energy manufacturing." He wants more taxes on moving expenses when jobs are moved overseas and on intangibles when they are shifted offshore. He wants to extend 100 percent expensing (for one year) and the research credit (permanently). These are the items that are contrary to all notions of tax reform.

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Like Clinton, Obama is adopting a tax program that is the opposite of tax reform. And as with Clinton, the approach is more likely to kill jobs than create them.

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View TaxAnalysts'® Martin Sullivan's opinion in its entirety on TAX.com.

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