The Hill News

From Treasury Secretary Tim Geithner to Speaker John Boehner (R-Ohio), leaders on both sides of the political aisle have highlighted the need for fundamental tax reform as a means to reinvigorate our economy, generate new jobs, and stabilize government revenues. So it is no surprise that speculation about a tax overhaul has swirled around the debt deal’s new congressional “supercommittee," officially known as the Joint Select Committee on Deficit Reduction.
 
Unfortunately for an economy struggling under an uncompetitive tax structure, some engaged in the supercommittee debate hope to harness such an opportunity for political ends. In few places is that demonstrated more clearly than the continued obsession, led by Senate Majority Leader Harry Reid (D-Nev.), to end various tax provisions available to the oil industry.
 
Time will tell if Reid’s desires are carried out by his personally appointed supercommittee members, and perhaps even with hel! p from some Republicans on the panel. Taxpayers, consumers, shareholders, and workers should hope not.

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