Finance

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 Hatch (R-Utah) and the panel’s top Democrat, Sen. Ron Wyden (Ore.), had hoped for recommendations by the end of May. 

{mosads}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 Portman (R-Ohio) and Charles Schumer (D-N.Y.), who were dealing with the international system for businesses.

Even so, senior members of the committee like Sen. John Thune (R-S.D.) have said they remain deeply skeptical that Congress will be able to sign off on a tax reform package this year.  

Tags Charles Schumer John Thune Orrin Hatch Rob Portman Ron Wyden

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