Schumer open to international tax reform this year

Schumer open to international tax reform this year
© Cameron Lancaster

Sen. Charles SchumerCharles (Chuck) Ellis SchumerDem senators debate whether to retweet Cardi B video criticizing Trump over shutdown William Barr's only 'flaw' is that he was nominated by Trump Cardi B expresses solidarity with federal workers not getting paid MORE (D-N.Y.) on Tuesday said he is interested in working with other lawmakers to see if an agreement on international tax reform can be reached as soon as this year.

“I’m game to do it because I think it’s really important for American competitiveness,” he said at a Senate Finance Committee hearing on business tax reform.

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Schumer, who is expected to become Senate Democratic leader next year, discussed international tax reform last year with Sen. Rob PortmanRobert (Rob) Jones PortmanSenators look for possible way to end shutdown GOP reasserts NATO support after report on Trump’s wavering Leaders nix recess with no shutdown deal in sight MORE (R-Ohio) and now-Speaker Paul RyanPaul Davis RyanGOP can't excommunicate King and ignore Trump playing to white supremacy and racism House vote fails to quell storm surrounding Steve King House passes resolution condemning white nationalism MORE (R-Wis.).

House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyTexas governor, top lawmakers tell Trump not to use hurricane relief funds to build border wall Trump on declaring national emergency: 'Not going to do it so fast' Dems look to chip away at Trump tax reform law MORE (R-Texas) said earlier this month that lawmakers are building off those discussions and that the timing of a bill will depend on when consensus can be reached.

Schumer said Tuesday that he and other Finance Committee Democrats are still ready to work with committee chairman Sen. Orrin HatchOrrin Grant HatchPhRMA CEO 'hopeful' Trump officials will back down on drug pricing move Live coverage: Trump AG pick grilled on Mueller probe at confirmation hearing Trump praises RNC chairwoman after she criticizes her uncle Mitt Romney MORE (R-Utah) to reach a deal.

“My advice would be, let’s do the international side first, then we can deal with all the complicated issues elsewhere,” he said.

Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenate Republicans eye rules change to speed Trump nominees McConnell blocks bill to reopen most of government Overnight Health Care: Thousands more migrant children may have been separated | Senate rejects bill to permanently ban federal funds for abortion | Women's March to lobby for 'Medicare for All' MORE (R-Ky.) has indicated that he would prefer to address corporate tax reform as part of comprehensive tax reform next year.

In his opening statement at the hearing, Hatch said Congress should find common ground on comprehensive tax reform, but that such an overhaul will have to wait because the Obama administration has not made tax reform a priority.

“In the interim, this committee will continue to lay the foundation and develop pro-growth proposals for when the appropriate opportunity arises,” Hatch said. He said he is working on a proposal on “corporate integration,” which would eliminate the double taxation of corporate income.

“Depending on its design, corporate integration could have the effect of reducing the effective corporate tax rate and help address some of the strong incentives we are seeing today for companies to relocate their headquarters outside of the United States,” Hatch said.