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Legislative prospects? Where these proposals go may be a function of what happens with possible tax reform — and the prospects of that are...unknown. Rep. Dave Camp (R-MI), Chairman of the House Ways & Means Committee has been holding hearings, and issuing a number of legislative proposals that are designed to elicit comments and prod tax reform. Sen. Max Baucus (D-MT), Chairman of the Senate Finance Committee, has also been pursuing tax reform, but has recently announced his retirement. Does that put him in a better or worse position to achieve this goal? Time will tell. But trying to reconcile the Republican desire for lower rates and a broader tax base with the Democratic desire for higher taxes on those they feel can best afford them will not be easy. Considering the country's pressing fiscal needs, however, it's hard to imagine that tax revenues won't have to go up at some point. The question is how, and whose ox gets gored.

May 7520 rate issued

The IRS has issued the May 2013 7520 rate. It is 1.2%, a drop of 0.20% (20 basis points) from April's rate of 1.4%. May's annual, semiannual, quarterly and monthly mid-term rates are all 1%, a 0.09% (9 basis points) drop from April's annual, semiannual, quarterly and monthly mid-term rates, which were all 1.09%.

Blanche Lark Christerson is a managing director at Deutsche Asset & Wealth Management in New York City, and can be reached at blanche.christerson@db.com.

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