Finance Committee Update on Bipartisan Tax Working Groups

WASHINGTON – Today, Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) released an update on the committee’s bipartisan tax working groups, saying that they would allow the working groups more time to analyze current tax law and examine policy trade-offs and available reform options within each group’s designated topic areas.  The committee, which formed the groups in January to spur comprehensive tax reform efforts in the 114^th Congress, will decide on a new timeline after the Memorial Day recess after members have an opportunity to meet.

“After receiving valuable feedback from our working group co-chairs on how they need more time to produce constructive results, we feel it is prudent to allow additional time so that they can continue their work.  It is our hope these bipartisan working groups will use this extended time to finalize their recommendations for tax reform and produce in-depth analyses of options and potential legislative solutions,” Hatch and Wyden said.

Background

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.

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