This morning’s Congressional hearing on the tax extenders is getting minimal mention this afternoon in the general media. The consensus from all quarters, however, seems to be that it was a successful step toward extending many of the expired tax provisions.
In a private correspondence to Coalition members, Paul Suplizio, President of the WOTC Coalition reported,
“It’s taken four months but today the House logjam blocking extenders legislation was shattered by members of Congress, Republicans and Democrats, calling for prompt action to renew a broad range of expired or about-to-expire tax provisions.”
Portions of a statement submitted to the committee by the National Retail Federation (or NRF) have been appearing in articles and blog posts. I find the following particularly persuasive. After asserting the federation’s support for general tax reform, the NRF statement continues:
“[T]ax reform will take some time to accomplish, and until that occurs it is important to maintain tax provisions that help stimulate investments and jobs. These provisions need to be extended as expeditiously as possible to eliminate business uncertainty that is causing delays in investment and hiring.”
Read the NRF’s press release here.
According to Paul Suplizio, this issue of stability and uncertainty was the “constant refrain” of today’s hearing. Mr. Suplizio continues,
“This excellent hearing has laid the groundwork for a tax bill to emerge within the next 60 days unless the Senate acts sooner, but we mustn’t be deceived—there’s still even odds House Leaders will defer an always-thorny tax bill till after the election. For this reason it is imperative we keep the pressure on House leaders and the Ways and Means Committee to report out a tax bill extending WOTC soonest.”
See previous posts about this hearing.