Co-chair of debt panel wants corporate tax reform

By

Published:

 

WASHINGTON (AP) -- The Republican co-chairman of the deficit-fighting supercommittee says he wants to tackle corporate tax reform, a theme the White House has promoted for months. But big differences remain, including on the sticky issue of whether tax reform would lead to higher taxes.

Texas Republican Congressman Jeb Hensarling says tax increases should be off the table. But, he also says that simplifying the corporate tax code by lowering the top rate and reducing tax breaks could help improve the economy, which would lead to more revenue.

The Democratic co-chair, Washington state's Sen. Patty Murray, says spending cuts should be combined with tax increases to reduce the deficit. The committee of six Democrats and six Republicans is charged with producing at least $1.2 trillion in deficit reduction by Thanksgiving.