Senate Panel to Weigh Tax Reform, Highway Fund

WASHINGTON - The leaders of the Senate Finance Committee said on Thursday that they will hold a series of tax reform hearings this summer and will continue to look for innovative ways to fix the Highway Trust Fund other than using revenues from repatriation.

"This summer, the Senate Finance Committee will forge ahead with hearings that examine reforming the broken, dysfunctional tax code in areas ranging from taxpayer privacy policy to education to corporate taxation," committee chairman Sen. Ron Wyden, D-Ore., and the committee's top Republican, Sen. Orrin Hatch, R-Utah, said in joint statement. "When it comes to tax policy, comprehensive tax reform is our ultimate objective, and we are committed to using these hearings as the building blocks to that goal."

"These hearings will provide the committee with the information necessary to create a simplified tax code that promotes long-term growth and ensures economic prosperity for the American people. We will also continue to look for innovative ways to fix the depleted Highway Trust Fund and keep hard-working Americans on the job without diverting revenues from repatriation needed for tax reform. We look forward to engaging with our committee colleagues and constituents over the course of these hearings."

President Obama has proposed fixing the Highway Trust Funds with taxes on overseas earnings and closing tax loopholes that allow companies to defer those obligations.

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