Montana panel offers Baucus tax reform ideas

A panel advising U.S. Sen. Max Baucus on his plan to rewrite the nation’s tax code told him on Thursday that the government should maintain deductions that benefit the poor, small businesses, education, retirement savings and innovation.

Baucus is working with the chairman of the House, Ways and Means committee, Republican Dave Camp of Michigan, on a plan to get rid of many tax credits, deductions and loopholes viewed as unproductive. They also want to reduce tax rates.

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