-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessREPEAT: Ahead of Fall, US Senate Leaders Clash Over Tax Reform
Repeats Story Initially Transmitted at 15:01 GMT Aug 2/11:01 EST Aug 2
--Senate Majority Leader McConnell Vows'Historic Effort' To Overhaul Tax Code
--Senate Minority Leader Schumer Says GOP Appears Poised To Replicate Mistakes
of Health Bill Debacle
By John Shaw
WASHINGTON (MNI) - Looking ahead to Congress's fall legislation agenda,
Senate Majority Leader Mitch McConnell vowed Wednesday to lead a "historic
effort" to overhaul the U.S. tax code, adding he hopes Democrats will join an
effort that could transform the American economy.
But Senate Minority Leader Chuck Schumer quickly responded by saying that
Republicans appear poised to take a partisan approach to tax reform legislation,
adding that such an approach would fail.
The sharp exchanges on the Senate floor between McConnell and Schumer
suggest the political positioning that is already underway for one of the fall's
signature economic debates.
Speaking first, McConnell said comprehensive tax reform is the most
important action policymakers can take to boost the economy and help middle
class Americans.
"It's no secret that the current tax code is overly complex, highly
punitive, and makes it harder for individuals and small businesses to succeed,"
he said.
"Fortunately, we now have a once-in-a-generation opportunity to
fundamentally rethink it. It's been over three decades since that last
happened," McConnell said.
He said the failure to modernize the tax code has hurt American firms
trying to compete internationally.
"There is a great deal of bipartisan consensus about what ails our tax
code, and my hope is that our friends on the other side of the aisle will join
with us in a serous way to address it," he said.
McConnell said tax reform will be developed in the Senate Finance Committee
and the House Ways and Means Committee--and the process will be open to ideas
from both parties.
"This won't be an easy process, but the people we represent are depending
on us for help," he said.
He said Congress should be able to approve tax reform this year.
Speaking after McConnell, Schumer said Republicans have indicated they will
push tax reform through Congress through a special budget reconciliation process
that requires 50 votes in the Senate, the traditional tax writing process that
is in effect requires 60 votes--and a bipartisan coalition.
Republicans have a 52 to 48 majority in the Senate.
Schumer said McConnell's use of reconciliation threatens to "close the door
on Democrats" to the tax writing effort.
Schumer said McConnell has "drawn down the curtain before the play has even
begun."
Schumer likened the GOP approach on taxes to the one Republicans employed
on health care. He called it "another dead end road for Republicans."
He said Republicans "haven't yet learned the lessons of health care" which
is that broad bipartisan coalitions are needed when tackling major issues.
--MNI Washington Bureau; tel: +1 202-371-2121; email: john.shaw@marketnews.com
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.