All the threats of a shutdown of the U.S. government on Oct. 1, and the dark cloud over the federal debt ceiling has Congress looking at federal tax reform. That in return has caused a spike in employment on Capitol Hill, for tax lobbyists.
My column is about legislation introduced by Sen. Carl Levin, D-Mich., who wants to go after U.S. corporations and individuals that stash stupendous amounts of money overseas to avoid paying federal taxes.
Other members of Congress want to revisit federal tax rates and simplification of the tax code.
The result has been a hiring boom for tax lobbyists and tax lawyers, and a substantial bump in lobbying expenses for companies that like things just the way they are.
The federal budget needs a rigorous look at budget cuts, entitlement spending and federal tax revenues. Close the loopholes.
Corporations and wealthy individuals avoiding taxes pass the burden on to small business and families. Fix a broken system.