US Deficit Panel Looks to Overhaul Corporate Taxes

[OhioChick]

Published: Thursday, 13 Oct 2011 | 8:40 PM ET

In a sign of possible progress in bipartisan U.S. deficit talks, Republicans seem more flexible on corporate taxes, a change that could help the congressional "super committee" chart the country's path back to fiscal health.

Lobbyists familiar with the deficit negotiations said Republicans on the panel may consider closing some of the myriad income tax loopholes in exchange for reducing the tax rate for corporations.

That could shift Republicans away from a longstanding position that tax reform take both corporate and individual taxpayers into account. But reforming both is likely too ambitious given the super committee's Nov. 23 deadline.

It could also help the panel move toward an overall agreement to slash big budget deficits by a November deadline.

More: http://www.cnbc.com/id/44897837

[Angry Dragon]

1. Why do lobbyists know what is going on before it is

reported to the American people from the Panel??