Schumer open to international tax reform this year

Schumer open to international tax reform this year
© Cameron Lancaster

Sen. Charles SchumerCharles (Chuck) Ellis SchumerDemocrats will need to explain if they shut government down over illegal immigration White House: Trump remarks didn't derail shutdown talks Schumer defends Durbin after GOP senator questions account of Trump meeting MORE (D-N.Y.) on Tuesday said he is interested in working with other lawmakers to see if an agreement on international tax reform can be reached as soon as this year.

“I’m game to do it because I think it’s really important for American competitiveness,” he said at a Senate Finance Committee hearing on business tax reform.

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Schumer, who is expected to become Senate Democratic leader next year, discussed international tax reform last year with Sen. Rob PortmanRobert (Rob) Jones PortmanFlake's anti-Trump speech will make a lot of noise, but not much sense Top GOP candidate drops out of Ohio Senate race Overnight Tech: Regulators to look at trading in bitcoin futures | Computer chip flaws present new security problem | Zuckerberg vows to improve Facebook in 2018 MORE (R-Ohio) and now-Speaker Paul RyanPaul Davis RyanGOP leaders pitch children's health funding in plan to avert shutdown Lawmakers see shutdown’s odds rising Fix what we’ve got and make Medicare right this year MORE (R-Wis.).

House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyHouse passes tariff-relief bill GOP may increase IRS’s budget Overnight Finance: Congress barrels toward another shutdown crisis | Canada worries Trump will withdraw from NAFTA | Blue-state Republicans push tax law changes | Chamber CEO calls out Bannon, Warren MORE (R-Texas) said earlier this month that lawmakers are building off those discussions and that the timing of a bill will depend on when consensus can be reached.

Schumer said Tuesday that he and other Finance Committee Democrats are still ready to work with committee chairman Sen. Orrin HatchOrrin Grant HatchKoch groups: Don't renew expired tax breaks in government funding bill Hatch tweets link to 'invisible' glasses after getting spotted removing pair that wasn't there DHS giving ‘active defense’ cyber tools to private sector, secretary says MORE (R-Utah) to reach a deal.

“My advice would be, let’s do the international side first, then we can deal with all the complicated issues elsewhere,” he said.

Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSessions: 'We should be like Canada' in how we take in immigrants NSA spying program overcomes key Senate hurdle Overnight Finance: Lawmakers see shutdown odds rising | Trump calls for looser rules for bank loans | Consumer bureau moves to revise payday lending rule | Trump warns China on trade deficit MORE (R-Ky.) has indicated that he would prefer to address corporate tax reform as part of comprehensive tax reform next year.

In his opening statement at the hearing, Hatch said Congress should find common ground on comprehensive tax reform, but that such an overhaul will have to wait because the Obama administration has not made tax reform a priority.

“In the interim, this committee will continue to lay the foundation and develop pro-growth proposals for when the appropriate opportunity arises,” Hatch said. He said he is working on a proposal on “corporate integration,” which would eliminate the double taxation of corporate income.

“Depending on its design, corporate integration could have the effect of reducing the effective corporate tax rate and help address some of the strong incentives we are seeing today for companies to relocate their headquarters outside of the United States,” Hatch said.