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Economic News, Data and Analysis

Thomas on Corp tax Reform

Interesting… Thomas is always good for an unusual (and often accurate) perspective.
Ways and Means Chairman Tells Corporate Tax Lobbyists That They ‘Blew It’
By Rachel Van Dongen, CQ Staff
Assailing business lobbyists for focusing on the wrong goals, House Ways and Means Chairman Bill Thomas said Monday that they missed their best chance for meaningful corporate tax reform.
In a speech to the Tax Executives Institute at its midyear meeting in Washington, the California Republican lambasted those who lobbied for narrowly targeted provisions in the 2004 corporate tax overhaul bill (PL 108-357).
“One of the things I want to talk about today is how you blew it,” the chairman said in his characteristically blunt manner.
Thomas, who is retiring this year after 28 years in the House, contended that tax lobbyists were too concerned with the narrow interests of a single company instead of the broader needs of corporate America.
“It’s still a decent bill, but nowhere near what it should have been,” the chairman said, referring to the 2004 overhaul.
“As the window closes on 2006 . . . major corporate tax reform will not be on the front burner,” he warned. “It was on the front burner, it’s not now and it probably won’t be in the future. Tax accounting won out over tax reform.”

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