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Senator says he'd like tax reform discussion this year

On a recent visit to the "Capital Report with Al Hunt" on Bloomberg TV, Sen. Max Baucus (D-MT), Senate Finance Committee chairman, says that he is working with Ways and Means Chairman Dave Camp (R-MI) on tax reform legislation.  He says they will work with the Senate Budget Committee that was formed with the recent passing of raising the debt ceiling and re-opening the government.

Sen. Baucus says that he sees the committee coming up with the top line numbers and then he and Camp will provide the details. When pressed by Hunt for a date, all Sen. Baucus would say is that he is working on language that will simplify the code and be the best legislation it can be. He said his office has been working on tax reform for years. 

Hunt also asked about if the legislation is revenue neutral or a money maker. Sen. Baucus didn't commit, but says the corporate tax rate needs to be looked at and cited a recent software merger between a U.S. and Japanese company that moved its headquarters to the Netherlands because of the tax rate. 

A date to remember in this discussion is Dec. 13. That's when the budget committee is supposed to come up with a long-term plan for taxes and spending. You can see the full Bloomberg interview by clicking here.