President Barack Obama last month put forward a plan to cut the corporate tax rate while also closing many loopholes and ending some tax breaks. His plan included proposals to eliminate tax subsidies for oil and gas companies and the carried interest tax break for hedge fund managers — two things Republicans have said they would oppose.
When Obama unveiled the plan, Senator Orrin Hatch, in particular, was harsh in his criticism: “Profoundly disappointing in its lack of detail, I told Secretary Geithner yesterday (Wednesday, 2/29/12), the devil’s in the details when it comes to reforming our tax system — details that are sorely missing in what was released today. Unfortunately, this so-called framework is murky, ill-defined and contradictory to the goal of reducing complexity and making our tax code more efficient.”
Treasury Secretary Timothy Geithner met Thursday with the top four lawmakers responsible for tax writing to go over the administration’s plans for tax code reform.