Discussions Begin on Tax Reform in New Congress
January 26, 2015
The U.S. Congress continues to have a strong interest in reforming the current tax code. Lawmakers are already laying the groundwork for their proposals for individual, business and international tax reform in the new Congress.
In January, the Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) announced the creation of five tax working groups to pursue different aspects of tax reform. Each group will be co-chaired by one Republican and one Democrat. The designated subject areas for the groups are individual income tax, business income tax, savings and investment, international tax, and community development and infrastructure. The Senate Committee goal is to have a final comprehensive report with recommendations from each of the five groups completed by the end of May.
Republican members of the House Ways & Means Committee are expected to huddle for a policy retreat for its 2015 agenda in the upcoming weeks. In the months ahead, AFS will be formally weighing-in on tax reform with the Senate working groups and members of the Ways & Means Committee.