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 HatchTrump to award racing legend Roger Penske with Presidential Medal of Freedom Trump awards Presidential Medal of Freedom to economist, former Reagan adviser Arthur Laffer Second ex-Senate staffer charged in aiding doxxing of GOP senators MORE (R-Utah) and the panel's top Democrat, Sen. Ron WydenRonald (Ron) Lee WydenHillicon Valley: Twitter says Trump 'go back' tweet didn't violate rules | Unions back protests targeting Amazon 'Prime Day' | Mnuchin voices 'serious concerns' about Facebook crypto project | Congress mobilizes on cyber threats to electric grid Top Democrat demands answers on election equipment vulnerabilities Advocates frustrated over pace of drug price reform MORE (Ore.), had hoped for recommendations by the end of May. 

ADVERTISEMENT

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 PortmanThe Hill's Morning Report - Presented by JUUL Labs - House to vote to condemn Trump tweet Rising number of GOP lawmakers criticize Trump remarks about minority Dems Hillicon Valley: Harris spikes in Google searches after debate clash with Biden | Second US city blocks facial recognition | Apple said to be moving Mac Pro production from US to China | Bipartisan Senate bill takes aim at 'deepfake' videos MORE (R-Ohio) and Charles SchumerCharles (Chuck) Ellis SchumerNYT: Don't make Acosta a political martyr Charities say they never received donations touted by Jeffrey Epstein: report Schumer to donate Epstein campaign contributions to groups fighting sexual violence 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 ThuneGOP struggles to find backup plan for avoiding debt default GOP frets over nightmare scenario for Senate primaries High anxiety hits Senate over raising debt ceiling 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.