One of the last acts of the House before they went on summer recess was to pass HR 6169. It has a snowball’s chance in Hell of passing the Senate as currently configured. It was seen as a partisan political document to campaign on, rather than a realistic attempt at tax reform. That is how the game is viewed in DC by the political wonks, and in fact it is how it plays out in reality. However, since it is “game on” time, I like that this gauntlet was thrown down. The title appeals.
It was called “Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012”
Here is the text version. It got NO votes from the Dems in the House. So why do I bring it up?
Take a look at Section 2, (B) (5) (F) of the legislative language, and you will see the following language that should be of interest to all here:
(5) makes American workers and businesses more competitive by–
(F) transitioning to a globally competitive territorial tax system;
Here is how the non partisan global publication, Tax News reported it, if you wish to read further. You can Google search for many partisan opinions if you are interested.