Senate Finance announces March 1 hearing on tax reform

"We will hold a number of hearings to look at how this unbalanced tax code is a drag on the economy and what changes need to be made."

Baucus and Hatch said the hearing will look at how changes in the past 25 years have affected the tax code, including the "globalization of the economy, innovations in technology, advancements in the financial services industry and growth of tax planning practices and how the tax code has and has not responded." 

"Our tax system is burdensome, overly complex and stifles American competitiveness. It needs to be reformed," Hatch said. "I'm pleased to announce with Chairman Baucus that the Finance Committee will spend the next year fully examining our tax code. With these hearings, we hope to lay the ground work toward a comprehensive overhaul to ensure we are putting real pro-growth policies in place that will spur investment, economic expansion and much needed jobs.”