Lawmakers Work on Corporate Tax Overhaul

[Khephra]

WASHINGTON -- Prospects are looking brighter for passage of a major corporate tax bill that would replace an outlawed export subsidy program with alternative tax breaks.

But to win approval before Congress' expected adjournment next week, supporters must figure a way to resolve a politically explosive debate over regulation of tobacco products.

And that is just one of the nettlesome issues that must be settled by a House-Senate conference committee that began work Wednesday. Members are trying to iron out differences between a bill providing $170 billion in corporate tax breaks over the next decade that was passed by the Senate in May and a $155 billion bill passed by the House in June.

House Ways and Means Committee Chairman Bill Thomas, R-Calif., and Senate Finance Committee Chairman Charles Grassley, R-Iowa, said they believed the conference will be able to produce a bill that can win passage in both the House and Senate before Oct. 8.

http://www.newsday.com/business/nationworld/wire/sns-ap-corporate-taxes,0,3954580.story?coll=sns-ap-business-headlines

[teryang]

1. BOHICA

Bend over here it comes again. The continued effort to transfer the corporate tax burden to the worker.