The Senate's top two tax writers on Wednesday rolled out the tax reform advice they got from more than 1,400 outside groups and taxpayers.
Finance Chairman Orrin HatchOrrin Grant HatchLobbying world Congress, stop holding 'Dreamers' hostage Drug prices are declining amid inflation fears MORE (R-Utah) and the panel's top Democrat, Sen. Ron WydenRonald (Ron) Lee WydenDemocrats plow ahead as Manchin yo-yos Overnight Energy & Environment — House passes giant climate, social policy bill Senate confirms Park Service director after years of acting heads MORE (Ore.), said the submissions would be of great assistance as they sought a bipartisan compromise for revamping the tax code.
"These submissions have equipped us with the ability to better evaluate how reforming the tax code will affect both American families and business of all kinds," Hatch and Wyden said.
Finance Committee working groups are currently sifting through individual parts of the tax code, including the individual side, the business system and the international tax system. Recommendations from the working groups are due in roughly a month.
The Obama administration has floated the idea of business tax reform, and views that as its preferable method to shore up financing for the nation's highways.
But both Hatch and Wyden would prefer a more comprehensive overhaul of the tax code. Either way, the two parties remain divided on key tax reform issues.