July 6, 2012 – The Senate Finance Committee has scheduled a tax reform hearing of its own for July 10, but this one will focus on increasing growth opportunities through tax reform and “helping more young people achieve the American dream.”
A joint hearing by Senate Finance and the House Ways and Means Committee was canceled last week and has yet to be rescheduled. That hearing was to review capital gains tax rates and their scheduled increase Jan. 1 as the Bush tax cuts expire.
The House Ways and Means Committee is holding a hearing Tuesday as well, but it will focus on the Affordable Care Act, which includes an individual mandate that was upheld by the Supreme Court as being within Congress’ power to tax.
NAFCU lobbyists are keeping a close watch on tax reform discussions to ensure preservation of the credit union tax exemption in any reform package. It is also encouraging members to ensure lawmakers understand the importance of the exemption to credit union constituents back home.
The July 10 Senate Finance hearing is set for 10 a.m. Witnesses include:
- Miles Corak of the Graduate School of Public and International Affairs at the University of Ottawa (Canada );
- Katherine Newman, the James B. Knapp Dean of The Zanvyl Krieger School of Arts and Sciences at Johns Hopkins University in Baltimore;
- Erin Currier, project manager for the Economic Mobility Project at The Pew Charitable Trusts in Washington; and
- Eugene Steuerle, Richard B. Fisher Chair and Institute Fellow at The Urban Institute in Washington.