A Turkey For Thanksgiving
At Thanksgiving, plaudits for US Senate Finance Committee Chairman Max Baucus (D – Montana) who has released a discussion draft setting out options for international tax reform, although he received only grudging praise from his “partner” on the tax reform trail, Dave Camp, (R – Michigan) Chairman of the House Ways and Means Committee. To many commentators it seemed unhelpful that Baucus has released his ideas while the parties are struggling towards an agreement over the budget, plus another fiscal cliff is looming. It’s not Baucus’s fault however that his draft saw the light of day at the very moment that Democrats in the Senate used the “nuclear option” of denying Republicans the use of the filibuster to contest the President’s legal appointments; but if anything was needed to harden Republican attitudes, surely that will have done the trick. Even without the unfortunate timing, the contents of Baucus’s draft awoke immediate opposition from business, which sees his ideas as reducing, not enhancing the competitiveness of US international companies. All in all, the draft seems like the deadest of dead ducks. A turkey, in other words.