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 WydenRonald (Ron) Lee WydenProgressive tax-the-rich push gains momentum Key Senate Democrat unveils proposal to tax the rich Overnight Health Care: Trump seeks ban on flavored e-cigarettes | Purdue Pharma nears settlement with states, cities over alleged role in opioid epidemic | Senate panel cancels vote on key spending bill amid standoff MORE (D-Ore.) and Dan CoatsDaniel (Dan) Ray CoatsCongress should defy Dan Coats' last request on phone surveillance America's cyber blind spot 2020 Democrats raise alarm about China's intellectual property theft 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 Andrew BoehnerBoehner reveals portrait done by George W. Bush Meadows to be replaced by Biggs as Freedom Caucus leader Scaramucci compares Trump to Jonestown cult leader: 'It's like a hostage crisis inside the White House' MORE (R-Ohio) and Senate Majority Leader Harry ReidHarry Mason ReidHarry Reid warns Trump 'can be reelected' Homeland Security Republican accuses Navy of withholding UFO info Poll: 47 percent back limits on Senate filibuster MORE (D-Nev.) that reform could be completed by the end of the year, not to mention help light a fire under the economy.

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“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 Ivan CantorEmbattled Juul seeks allies in Washington GOP faces tough battle to become 'party of health care' 737 crisis tests Boeing's clout in Washington 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 McConnellAddison (Mitch) Mitchell McConnellThe Hill's 12:30 Report: NY Times story sparks new firestorm over Kavanaugh Senator asked FBI to follow up on new information about Kavanaugh last year Congress must reinstate assault weapons ban 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.