by jeremy Scott
... [T]he tax community is... concerned with whether Baucus's retirement will hinder or help the chances of tax reform. The answer might lie in how Democrats handled the Marketplace Fairness Act.
... It appears that Baucus, the Senate Finance Committee chair, was the reason the Marketplace Fairness Act could never seem to make much progress.
Baucus adamantly opposed to the bill -- so much that he refused to move it through the Finance Committee during the sitting Congress... [T]he [Senate] leadership... bypassed the Finance chair and his committee...
Baucus then threw down the gauntlet on the bill, announcing his vehement opposition to it... The vote was delayed, although the bill might still pass easily on May 6, when the Senate returns from one of its frequent recesses.
So what does this tell us about tax reform? It confirms what Baucus denied: There is a rift between him and the Democratic leadership...
... Baucus's retirement might not be a bad thing for tax reform. But his strained relationship with Reid and Senate Democrats certainly is.
View Jeremy Scott's opinion in its entirety on the taxanalysts® Blog.
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