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Schumer open to international tax reform this year

Schumer open to international tax reform this year
© Cameron Lancaster

Sen. Charles SchumerCharles (Chuck) Ellis SchumerSunday shows preview: Trump taps acting attorney general to lead Justice Department Pro-Israel organizations should finally seek payback against Iran deal Dems Pelosi: Acting attorney general 'should not be there' 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 PortmanThe case for bipartisan solutions GOP lawmakers condemn attempted attacks on Democrats Trump takes steps to punish Saudi Arabia MORE (R-Ohio) and now-Speaker Paul RyanPaul Davis RyanEarmarks look to be making a comeback Former staffers push Congress for action on sexual harassment measure House Republicans need history lesson in battle over next leader MORE (R-Wis.).

House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyOvernight Health Care — Presented by The Partnership for Safe Medicines — Juul halts retail sales for most flavored e-cigs | CDC confirms 90 cases of rare polio-like illness | Physicians push back on Trump plans to redefine gender On The Money: Amazon taps New York, Northern Virginia for new offices | What it means for the DC area | Dems target vulnerable commerce chief | Earmarks look to be making a comeback Brady outlines lame-duck tax priorities 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 HatchCongress braces for high-drama lame duck Trump to award Medal of Freedom to Babe Ruth, Elvis, Scalia, Hatch How much power do states have? Supreme Court holds the answer 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 McConnellGraham backs bill to protect Mueller Grassley defends acting AG against calls for recusal Former staffers push Congress for action on sexual harassment measure 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.