Senators: Put tax reform timeline in debt deal, end stalemate

A bipartisan pair of senators pushing for a broad tax overhaul is calling on top policymakers to include a timeline for reform in any deficit reduction deal.

Sens. Ron WydenRon WydenTrump's Democratic tax dilemma Senate Dems push Trump admin to protect nursing home residents' right to sue Overnight Finance: Trump-Russia probe reportedly expands to possible financial crimes | Cruel September looms for GOP | Senate clears financial nominees | Mulvaney reverses on debt ceiling MORE (D-Ore.) and Dan CoatsDaniel (Dan) Ray CoatsThe Hill's 12:30 Report DOJ warns the media could be targeted in crackdown on leaks Conway: Leaks of Trump's calls should have 'chilling effect' MORE (R-Ind.) acknowledge that it would be practically impossible to revamp the tax code by the Aug. 2 debt-ceiling deadline. 

But the two senators also told President Obama, House Speaker John BoehnerJohn BoehnerIt's time for McConnell to fight with Trump instead of against him How Republicans can bring order out of the GOP's chaos Republican donor sues GOP for fraud over ObamaCare repeal failure MORE (R-Ohio) and Senate Majority Leader Harry ReidHarry ReidOPINION | 5 ways Democrats can win back power in the states THE MEMO: Trump's base cheers attacks on McConnell It's time for McConnell to fight with Trump instead of against him MORE (D-Nev.) that reform could be completed by the end of the year, not to mention help light a fire under the economy.

ADVERTISEMENT
“Tax reform can move us beyond this partisan stalemate. Done right, it will create good-paying jobs and provide businesses and families with the certainty they need to plan for the future,” the two senators wrote in a letter dated Wednesday. “There’s no better way to raise revenue and reduce the deficit than by growing the economy and putting Americans back to work.”

That message was dropped during another day when taxes took center stage in the deficit reduction debate, with House Majority Leader Eric CantorEric CantorEx-RNC spokesman: After Trump remarks how can I tell minorities to vote GOP Kelly’s challenge? Bringing stability to Trump White House Special interests hide behind vets on Independence Day MORE telling reporters that Republicans would consider getting rid of certain tax breaks – as long as it was accomplished in a revenue-neutral way.

On the other side of the Capitol, Senate Minority Leader Mitch McConnellMitch McConnellTrump’s isolation grows Ellison: Trump has 'level of sympathy' for neo-Nazis, white supremacists Trump touts endorsement of second-place finisher in Alabama primary MORE pooh-poohed Cantor’s suggestion, saying it would be difficult to “cherry-pick items” during the current negotiations.

Wyden and Coats introduced a comprehensive tax reform bill earlier this year that would slash the corporate tax rate to 24 percent (from its current 35 percent), while also thinning the number of individual tax brackets down to three.

Wyden, a longtime fan of the 1986 tax reform, introduced similar legislation in the last Congress with then-Sen. Judd Gregg (R-N.H.). In their Wednesday letter, he and Coats also say that a tax overhaul can be part of a solution that hits at the heart of America’s fiscal problems, instead of messing around at the margins. 

“Resolving the nation’s debt crisis demands comprehensive, structural change, including tax reform,” they wrote.