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 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 WydenClimate advocates turn sights on Wall Street Democrats scramble to reach deal on taxes Pelosi open to scrapping key components in spending package 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 PortmanOvernight Defense & National Security — Presented by Raytheon Technologies — Biden backtracks on Taiwan Top GOP senators want joint review of Afghan visa process Timken rolls out six-figure ad campaign, hits Fauci MORE (R-Ohio) and Charles SchumerChuck SchumerManchin meeting with Biden, Schumer in Delaware Progressives' optimism for large reforms dwindles Democratic frustration with Sinema rises 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 ThuneDemocratic frustration with Sinema rises Senate Republicans raise concerns about TSA cyber directives for rail, aviation Democrats narrow scope of IRS proposal amid GOP attacks 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.