Senate tax reform groups get more time

The Senate Finance Committee's leaders are giving tax reform working groups some more time to formulate their recommendations.

Finance Chairman Orrin HatchOrrin Grant HatchSenators to Trump: Let Mueller finish Russia probe Conservative justices signal willingness to uphold travel ban Medical marijuana legislation gets support of key House Republican MORE (R-Utah) and the panel's top Democrat, Sen. Ron WydenRonald (Ron) Lee WydenOvernight Cybersecurity: DHS cyber nominee vows to make election security 'top priority' | CIA to allow lawmakers to review classified info on Haspel | Dems raise security concerns about Trump's phone use CIA will allow senators to review classified material on Haspel Senators debate new business deduction, debt in tax law hearing MORE (Ore.), had hoped for recommendations by the end of May. 

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But in a statement Thursday, the two senators said that the working groups made it clear that they needed extra time to do the job right. The panel will set a new deadline after lawmakers return from next week's recess.

"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," Wyden and Hatch said in a statement.

The Finance Committee set up five separate working groups in January to deal with the wide range of knotty problems that come with revamping the tax code. The working groups are focusing on individual taxes, business taxes, savings and investment, infrastructure and international issues.

Some of the leaders of those working groups have said they've found a fair amount of common ground, including Sens. Rob PortmanRobert (Rob) Jones PortmanWe must all come together to overcome the opioid epidemic Senators debate new business deduction, debt in tax law hearing Tax rules will be subject to more OMB review under new memo MORE (R-Ohio) and Charles SchumerCharles (Chuck) Ellis SchumerCan Mueller be more honest than his colleagues? Throwing some cold water on all of the Korean summit optimism House Republicans push Mulvaney, Trump to rescind Gateway funds MORE (D-N.Y.), who were dealing with the international system for businesses.

Even so, senior members of the committee like Sen. John ThuneJohn Randolph ThuneRepublicans want Trump’s VA nominee to withdraw Senators debate new business deduction, debt in tax law hearing House, Senate GOP compete for cash MORE (R-S.D.) have said they remain deeply skeptical that Congress will be able to sign off on a tax reform package this year.