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Ways and Means, Senate Finance incumbents should hold tax-writing seats

November 5, 2012

We've paid a lot of attention to the tax proposals of Barack Obama and Mitt Romney. But regardless of which man wins the presidency, he'll have to work with the Congressional tax-writing committees.

Most of the current members of the House Ways and Means and Senate Finance Committees are expected to return to Washington after Nov. 6.

But some other member changes due to resignations could give the panels a slightly different look.

United_States_Capitol_west_front_Wikimedia

Senate tax status quo: Seven members of the Senate Finance Committee are up for reelection.

They are ranking minority member Orrin Hatch (R-Utah) and Democrats Maria Cantwell of Washington, Benjamin Cardin of Maryland,
Thomas Carper of Delaware, Robert Menendez of New Jersey, Bill
Nelson of Florida and Debbie Stabenow of Michigan.

Tax Analysts reports that all are expected to be reelected, but that Nelson's race against GOP challenger Connie Mack is close.

Even if all current members seeking reelection return, the Finance panel still will see some changes.

There will be four open seats thanks to the retirements of Sens. Jeff
Bingaman (D-N.M.), Kent Conrad (D-N.D.), Jon Kyl (R-Ariz.) and Olympia J.
Snowe (R-Maine).

Politico reports that Democratic Sen. Mark Warner of Virginia recently dined with Finance Chair
Max Baucus (D-Mont.) and Sen. Rob Portman (R-Ohio) has been making the case for his colleagues to add him to the panel.


Ways and Means watch: On the House side, Tax Analysts says that Rep. Fortney "Pete" Stark (D-Calif.) is the only Ways and Means member who looks to be in a tight race.

But the House committee from which the Constitution decrees all tax measures must originate will see some changes, also because of voluntary departures.

Rep. Wally Herger (R-Calif.) is retiring after his term is up.

Reps. Rick Berg (R-N.D.) and Shelley Berkley (D-Nev.) are both hoping to return to Capitol Hill after Nov. 6 as members of the Senate.

And former Rep. Geoff Davis (R-Ky.) resigned from the House in July for family reasons. His Ways and Means slot remains open.

Then there's Rep. Paul Ryan (R-Wisc.), the GOP vice presidential nominee. If Romney and Ryan win the White House, Ryan will have to give up his House seat (for which he's also seeking reelection) and his corresponding Ways and Means spot.

Among those hoping to join the powerful tax panel, says Politico, are Reps. Allyson Schwartz (D-Pa.) and Chris Van Hollen
(D-Md.), who are angling for the committee's one minority seat. Both Representatives previously served on Ways and Means when the Democrats controlled the House.

Will the personnel changes make any difference when it comes to getting Democratic and Republican Senators and Representatives to agree on tax legislation? 

Nah.

But at least we'll have a few new faces to get to know.

You also might find these items of interest:

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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