Senate Finance Committee Leaders Detail Plans for Tax Reform

Leaders of the Senate Finance Committee detailed plans for developing tax reform proposals on Thursday.

In a bipartisan meeting of committee members, panel chairman Sen. Max Baucus, D-Mont., and the top Republican Orrin Hatch from Utah, said the committee will meet weekly to discuss and develop a series of papers on specific tax reform topics.

The first topic to be discussed at a March 21 meeting will be how to simplify the tax code for America’s families.

Other topics will include but not be limited to: examining the tax treatment of small businesses and corporate investment; families and children, education expenditures; different types of income and tax structures; charitable giving and tax-exempt organizations, and international taxation.

The end goal will be for the committee to come up with a comprehensive tax reform plan “that will help businesses create jobs, simplify the system for families, and give the nation a long-term economic boost,” the leaders said in a release.

“Over the next several months, we will gather as a committee, on a bipartisan basis, to discuss a wide range of options for tax reform,” Baucus said. “We will collect input and feedback from all members and take on this challenge working together. Tax reform is sure to be a challenge, but one we are ready to take on.”

Hatch said, “By bringing members of the finance committee together, we can hopefully move from just talking about tax reform and bring together consensus ideas to bring real reform to bear that American families and businesses rightly deserve.”

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