December 11,2014

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Continuing the Conversation on Comprehensive Tax Reform

An In Depth Analysis By the Senate Finance Committee Republican Staff

WASHINGTON - At over 70,000 pages in length, the U.S. tax laws are a labyrinth of red tape. The current tax system is anti-competitive, complicated, unfair, and is hurting economic growth.  Since the code was last reformed nearly 30 years ago, members of Congress from both sides of the aisle have put forward innovative ideas and introduced various plans and proposals to remake the broken tax code to better meet the challenges of today.

The following in-depth analysis by the Senate Finance Committee Republican Staff titled “Comprehensive Tax Reform for 2015 and Beyond,” outlines the issues policymakers will have to confront in the effort to reform our nation’s tax code and aims to further educate and inform this critical debate.

“If we are ever going to make tax reform a reality, both parties will have to come together to get it done.  That will mean Republicans and Democrats in both the Congress and the White House working together toward a common goal that will benefit the American people and help get our economy moving on a better course,” said Finance Committee Ranking Member Orrin Hatch (R-Utah). “This report is intended to provide background on where we are and where we have been with regard to our tax system as well as some possible direction on where our reform efforts should go in the near future.  I believe it will be helpful both to tax experts and academics, as well as those who do not spend all their days steeped in these issues.  I am willing to work with anyone – Republican or Democrat – to fix our country’s tax code and I hope this report will be viewed as an invitation to work together on these critical issues.”