Just a few years ago, many people thought that comprehensive tax reform would be accomplished with a bipartisan deal — a “Kumbaya” moment when President Obama and Speaker of the House John Boehner would join hands to remake the US tax code.
The White House and Congressional leaders have agreed on a two-year budget deal that will raise the debt limit and the spending limits set by the so-called sequestration process, according to sources close to the negotiations. The increased spending will be equally divided between defense and non-defense spending — increasing spending caps by $25 billion each in fiscal 2016 and by $15 billion each in fiscal 2017, according to a source briefed on the package.
Kevin Brady (R-TX), the second most senior member of the powerful Ways and Mean Committee, writes a forceful post on the committee website that urges Congress to make the tax provisions known as “tax extenders” a permanent part of the tax code.