Leveling the Playing Field for American Small Businesses
Small businesses are the backbone of the American economy, capable of creating more than 1 million new jobs in a year and employing approximately half of the American workforce. Of the nearly 29 million U.S. small businesses, 75 percent are unincorporated pass-through entities. Under the current system, pass-through income is taxed as individual income, which […]
Hatch: Tax Reform Will Take America from 1986 into the 21st Century
Thirty-one years ago this week, President Ronald Reagan signed the Tax Reform Act of 1986 into law. This date is particularly significant: It was the last time Congress and the president worked together to overhaul our tax code. The world today looks vastly different from the world in 1986. It is much more connected, globalized […]
Finance Committee Republicans Praise Budget Passage, Paving Way for Tax Reform
The Fiscal Year 2018 Budget Resolution, with a $1.5 trillion instruction to the Senate Finance Committee, will allow Finance Committee members to produce a comprehensive tax reform bill that will spur economic growth, make the United States more competitive, and allow working families to save more of their hard-earned dollars. With a final budget in […]
Tax Reform Framework Crafted with Working Families in Mind
In his inaugural address, President Trump said that “every decision” on taxes would “be made to benefit American workers and American families.” So, it’s no surprise that the unified tax reform framework released last month was crafted with working families in mind: It simplifies the tax brackets and reduces rates for middle-class families. A recent […]
Senate Finance Committee Advances Trade Nominees
WASHINGTON – The Senate Finance Committee today advanced the nominations of Jeffrey Gerrish to be a Deputy United States Trade Representative, Gregory Doud to be Chief Agricultural Negotiator at the Office of the U.S. Trade Representative, and Jason Kearns to serve as a member of the International Trade Commission. “These three nominees have demonstrated they […]
Healthcare Leaders Propose Bicameral Agreement to Provide Certainty and Relief from Failures of Obamacare
WASHINGTON – Today, Senate Finance Committee Chairman Orrin Hatch (R-Utah) and House Ways and Means Committee Chairman Kevin Brady (R-Texas) announced a bicameral agreement to pair concrete, structural Obamacare reforms with a temporary two-year funding extension for the health law’s cost-sharing reduction (CSR) program. This would provide Americans with more certainty and choice. “As I have said all along, if […]
Hatch Opening Statement at CBP Nomination Hearing
WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) today delivered the following opening statement at a Finance Committee hearing to consider the nomination of Kevin K. McAleenan to serve as Commissioner of U.S. Customs and Border Protection: In 2015, this committee successfully drafted and reported the Trade Facilitation and Trade Enforcement Act, which was […]
Hatch Announces Executive Session to Consider Trade Nominations
WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) today announced the committee will mark up three trade nominations during an executive session on Tuesday, Oct. 24 at 10 a.m., in Dirksen Senate Office Building Room 215. The committee will consider the following nominees: Mr. Jeffrey Gerrish, of Maryland, to be a Deputy United States […]
Senate Clears Budget Resolution to Advance Tax Reform
WASHINGTON – Senate Finance Committee Chairman Orrin Hatch (R-Utah) released the following statement tonight after Senate passage of H. Con. Res. 71, the Fiscal Year (FY) 2018 Budget Resolution: “Tonight’s action sends a strong signal to the American people that Congress is unified in its effort to advance a comprehensive tax overhaul that will shift […]
Tax Talk: Studies Show Corporate Tax Changes Will Boost Growth, Wages in America
At an astounding 39 percent, the United States takes the cake for having the highest statutory corporate tax rate in the developed world. The nation’s effective corporate tax rate, or the actual rate paid after deductions and credits, is also globally uncompetitive, ranking fourth highest among G-20 countries. If American companies are struggling to compete with their […]