July 08,2015

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Aaron Fobes, Julia Lawless (202)224-4515

Hatch, Wyden Welcome Reports from Bipartisan Tax Working Groups

WASHINGTON – Today, Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) welcomed reports from the Committee’s five bipartisan tax working groups.

The reports, focusing on the areas of: 1)Individual Income Tax; 2) Business Income Tax; 3) Savings & Investment; 4) International Tax; and 5) Community Development & Infrastructure, offer policy options and recommendations for ‎the Committee to consider as part of comprehensive tax reform. 

“The Finance Committee’s bipartisan tax working groups have spent the last several months examining various aspects of the code. As a result, members were able to submit thoughtful feedback and provide innovative solutions to addressing the challenges of our nation’s outdated tax system,” said Hatch. “Any remake of the U.S. tax code, should work to lower the rates and broaden the base. We need to simplify the code and make it easier for families and create a system to keep American job-creators competitive around the globe. Now, armed with new ideas, I plan to work with Senator Wyden to review each working groups’ report and examine how they can be used to further advance the Committee’s efforts to achieve this bipartisan goal.”

“I’m very appreciative of the time and effort my colleagues put into this exercise,“ said Wyden. “Their constructive feedback and ideas are essential as we push ahead toward our shared goal of modernizing the tax code.”

On January 15, 2015, to coincide with the kickoff of a series of tax reform hearings, the Finance Committee Chairman and Ranking Member announced the formation of bipartisan tax reform working groups. 

In March, after five tax reform hearings, the Committee announced it would ask stakeholders and the public to submit ideas to the bipartisan working groups. The Committee released those submissions on April 29, 2015.