Paul Ryan Sets Ambitious Goal for Tax Overhaul

Ways and Means Chairman Paul Ryan said a bipartisan tax overhaul would have to be completed by the end of summer before the onset of the 2016 presidential campaign season raises the political temperature on discussions, making it unlikely lawmakers could make the major tradeoffs required to rewrite the tax code.  Chairman Ryan outlined a business-focused tax overhaul, encompassing corporations and small businesses and possibly some provisions for individuals to deal with pass-through businesses such as S corporations, whose profits are taxed at the individual rates of owners. The Chairman said he was leaning toward a tax bill that would be able to survive a 60-vote filibuster-proof Senate majority, and not a tax reconciliation measure only requiring 51 votes to pass the Senate.