Senate panel lays groundwork for tax-code overhaul

08/3/2012 | InvestmentNews ·

Before heading to August recess, the Senate Finance Committee approved a $151.7 billion package of 52 individual and business tax cuts. The move, which includes a two-year extension of the alternative minimum tax patch, could lay the groundwork for broader tax reform later in the year, some say. "You have to crawl before you walk," said Phillips Hinch, assistant director of government relations at the Financial Planning Association. "Anything that hashes out these issues and deals with them is a positive step."

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