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Next year will be the 25th anniversary of the previous overhaul of the income tax code that lowered rates and wiped away many tax breaks in return.
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Previous overhauls, he said, have been equally ineffective.
Experts agreed that whether or not this bill was any more successful than a measure passed last year, and many previous overhauls, would depend on its implementation.
The industry argues that new regulation is unnecessary because previous overhauls were sufficient and because the funds have been prudent, investing only in supersafe and ultra-liquid investments.
In two previous overhauls Heinz took a total of $1 billion in aftertax charges to shed such unwanted distractions as Weight Watchers.
When Lockheed Martin won the contract, the F.B.I. ended the previous computer overhaul and started over because the problems had grown too big to fix.
Previous immigration overhauls have died because of the seemingly unbridgeable divide between business groups, which want an abundant flow of cheap workers, and labor unions, which want to protect the jobs and wages of workers already here.
In foreign policy, he also moved to overhaul previous relationships.
Do you think supports of these groups were one of the things missing from previous attempts to overhaul the system?
The cuts will be part of a three-year program to revamp the company that follows on the heels of a previous three-year overhaul.
Many previous efforts to overhaul the TSCA failed after lawmakers couldn't strike a consensus among competing interest groups, such as chemical companies and environmental groups.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com