Super Committee to Address US Tax Regulations

August 16, 2011 Taxation in USA

Jim Clyburn Reveals Super Committee PlansThe new debt “super committee” established by the US government will dig up the long-debated subject of ending Bush-era tax cuts, and will look for means to lower the country’s overwhelming debts.

In a television interview on August 15th Jim Clyburn, a member of the Joint Select Committee on Deficit Reduction, came forward to reveal the plans that could be pursued by the committee, saying that the government deficit reductions will not come from revenues derived from new taxes or increased tax rates. Earlier this month the Congress of the USA established the Joint Select Committee on Deficit Reduction (super committee), which is instructed to investigate means and establish a plan to reduce the country’s debt levels. The JSCDR, which has come to be known as the super committee, has been the subject of much media speculation, as the country waits to hear the committee’s plan on how to deal with national deficit.

Addressing the topic of the potential tax measures which the super committee will discuss, Jim Clyburn said that the committee is going to pay particular attention to the possibility and repercussions of letting the Bush-era tax cuts for high income earners expire in December 2012, or even earlier. Investigations will also be held into to closing off several tax loopholes which primarily benefit the country’s highest earning taxpayers.

Alongside tax changes the super committee will also pursue means of reducing government spending, with potential measures including lowering military and financial assistance to Iraq and Afghanistan.

The super committee is required to officially meet for the first time before September 16th. Debates are currently going on in Congress to decide whether the results of the first meeting, and the subsequent meetings, should be made public.

Photo by himesforcongress