On the recordMay 14, 2014
today the Senate will begin consideration of the Expiring Provisions Improvement, Reform, and Efficiency Act, otherwise known as the EXPIRE Act. This legislation has, so far, moved forward in a cooperative, bipartisan fashion, and I am hoping that spirit will continue here on the floor. It seems that the new norm for tax policy around here is conducting this ritual where tax provisions expire, we wait until the following year to decide which ones to extend, and then we finally enact them into law for 1 retroactive year and 1 prospective year. When that happens, half of the benefit is more of a windfall rather than an incentive. And, needless to say, this process causes great uncertainty when businesses and individuals try to manage their taxes and budgets. I am not casting blame on anyone for this flawed methodology. Indeed, both parties share responsibility for how the tax extenders process has devolved over the years. I think the American people deserve better. I share the view of many on both sides of the aisle--including both chairmen of the tax-writing committees--that comprehensive tax reform will be necessary to ensure long-term growth and prosperity in our economy. When it comes to tax policy, that type of reform should be our ultimate goal. Hopefully, if we can reform our Nation's Tax Code, this process of extending certain provisions over and over will come to an end. However, I am not naive.…
