Tax Reform 2015 Updates
The American Taxpayer wants tax reform and we’ll publish updates on what is going on inside the Senate Committee on Finance. We’ll begin by looking at the newly formed bipartisan Tax Working Groups.
Each of the bipartisan groups will work directly with the nonpartisan Joint Committee on Taxation (JCT) to produce an in-depth analysis of options and potential legislative solutions within its assigned area, with the goal of having one final comprehensive report featuring recommendations from each of the five categories completed by the end of May. The report recommendations, which will be delivered to Chairman Hatch and Ranking Member Wyden, will serve as a foundation for the development of bipartisan tax reform legislation.
JANUARY 2015 : On January 15, five bipartisan groups were launched to analyze challenges of Tax Code, develop policy recommendations for comprehensive Tax Reform. The groups will analyze current tax law and examine policy trade-offs and available reform options within the group’s designated topic areas. Each group will be co-chaired by one Republican and one Democrat member.
“Republicans and Democrats agree the American tax system is too complicated, unfair, and is hurting economic growth,” said Hatch. “With the launch of these working groups, members will have an opportunity to thoroughly examine the code and put forward smart ideas that will help lay the groundwork for a bipartisan tax overhaul that will provide bigger paychecks, better jobs, and more opportunity for all Americans. I look forward to working with my colleagues on both sides of the aisle as we take on this challenge during the 114th Congress.”
“We can all agree that that our broken tax code must be fixed in a way that makes it work for, not against, our country and economy. We need a simple and fair system that helps both typical Americans and business alike,” said Wyden. “A lot of hard work has been done in recent years on tax reform creating a strong foundation to build upon. We now have a window of opportunity to make a run at modernizing our tax code and it’s time to come together and deliver. It’s going to involve a lot of hard work and compromise and I’m hopeful this bipartisan effort will move us in that direction.”
Policy focus areas for the working groups include: 1) Individual Income Tax; 2) Business Income Tax; 3) Savings & Investment; 4) International Tax; and 5) Community Development & Infrastructure.
The five working groups and their co-chairs are listed below:
Individual Income Tax Co-Chairs:
Senator Chuck Grassley (R-Iowa) & Senator Mike Enzi (R-Wyo.), Senator Debbie Stabenow (D-Mich.)
Business Income Tax Co-Chairs:
Senator John Thune (R-S.D.) & Senator Ben Cardin (D-Md.)
Savings & Investment Co-Chairs:
Senator Mike Crapo (R-Idaho) & Senator Sherrod Brown (D-Ohio)
International Tax Co-Chairs:
Senator Rob Portman (R-Ohio) & Senator Chuck Schumer (D-N.Y.)
Community Development & Infrastructure Co-Chairs:
Senator Dean Heller (R-Nev.) & Senator Michael Bennet (D-Colo.)
A full list of Co-Chairs and members can be found here.
To read the actual PRESS RELEASE.
MARCH 2015 : On March 11, 2015, the Committee announced it would ask stakeholders and the public to submit ideas to the bipartisan working groups.
“Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) today announced a bipartisan effort to begin soliciting ideas from interested members of the public and stakeholders on how best to overhaul the nation’s broken tax code to make it simpler, fairer, and more efficient. The goal of this effort is to provide additional input, data, and information to the Committee’s bipartisan tax working groups, which are currently analyzing existing tax law and examining policy trade-offs and available reform options within each group’s designated area. [The Committee released those submissions on April 29, 2015.]
USTL Comment: Asking American’s to submit their thoughts – during *tax season* is a two-sided sword. In one respect, there’s a pretty good chance you’ll get some heated comments submitted. There’s also a pretty good chance a large portion of the population who might respond at another time – is too overwhelmed by day-to-day events, including tax preparation, to sit down and write their comments and send them. I also do not think this was publicized to the extent it should have been.
APRIL 2015 : On April 29, 2015 Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) today released over 1,400 submissions from stakeholders on how to best to overhaul the nation’s broken tax code. In March, the Committee sought input from the public in an effort to provide additional data and information to the Committee’s bipartisan tax working groups, which are currently analyzing existing tax law and examining policy trade-offs and available reform options within each group’s designated area. Chairman News on Public Input.
USTL Comment: 1,400+ submissions out of a population of 300 million is not very good.
If you want to read the actual submissions:
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