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A little more than a year after introducing The Bipartisan Tax Fairness and Simplification Act of 2010, Senator Ron Wyden (D-Ore.) has returned with a new partner, Dan Coats (R-Ind.), to push for much-needed simplification of the Internal Revenue Code. As with the earlier proposal, the Wyden-Coats proposal focuses on broadening the tax base and generally lowering statutory tax rates.
For some of the mixed reactions to the proposal, see the Tax Foundation and The Hill.
For businesses, the proposal would:
- Lower the corporate tax rate to a flat 24 percent;
- Eliminate the “deferral” ...