2015 may be the year for federal tax code reform. Both Republicans and Democrats feel there should be an overhaul of the tax code for individuals, businesses, or both. Translating those feelings into legislation isn’t so easy, says U.S. Sen. Mark S. Kirk (R-Ill.).
“The proof is always in the pudding in the Senate,” Kirk said. “I would say there is a lot of bipartisan support to lower the corporate tax rate to bring home those overseas profits.”
Kirk says he favors reform both to end the practice of corporations keeping profits overseas to avoid paying corporate income taxes in the U.S., as well as to help individuals who are confused by the current tax code.
President Obama has promised to make his own proposals on tax reform next year.