Senate Majority Leader Elected: Failure of Tax Reform Policy Unacceptable

John Thune, the incoming majority leader in the US Senate, said he hoped to have a comprehensive tax policy package by the summer, but acknowledged it would take some time to agree on changes to the complex tax code. Mr. Thune said failure was not an option when it came to taxes. According to Mr. Thune, the complex issues facing the tax reform bill include what benchmarks to use, whether to make the tax cuts permanent and how much should be offset, although negotiations over complex tax policies continue. Mr. Thune's "two-step" plan is at odds with one backed by Jason Smith, chairperson of the House ways and means committee, who favours a single plan. "If we don't strike fast, we're in trouble," Mr. Smith said on Tuesday.