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JEC Looks At 1986 Tax Lessons Learned
WASHINGTON (8/1/13)--Academic and tax policy experts testified Wednesday before the Joint Economic Committee as that bicameral panel conducted a hearing generally on comprehensive tax reform and more specifically on lessons learned by the Tax Reform Act (TRA) of 1986.
 
Witnesses encouraged policymakers to move forward on comprehensive tax reform, and at the very least, comprehensive corporate tax reform. In fact, the majority of the testimony and discussion centered on corporate tax reform agenda items including tax rates, repatriation, capital gains, and tax expenditures.
 
Laura D'Andrea Tyson, a professor at the University of California Haas School of Business, and former chair of the Council of Economic Advisers, for instance, testified that the numerous credits, deductions and exclusions in the current system results in high compliance costs for businesses and "undermines the efficiency of business decisions."


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