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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 SchumerThe Hill's Morning Report — Presented by the Coalition for Affordable Prescription Drugs — Health care a top policy message in fall campaigns McConnell says deficits 'not a Republican problem' Medicare for All is disastrous for American seniors and taxpayers 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 PortmanElection Countdown: O'Rourke brings in massive M haul | Deal on judges lets senators return to the trail | Hurricane puts Florida candidates in the spotlight | Adelson spending big to save GOP in midterms How Kavanaugh got the votes  Collins to support Kavanaugh, securing enough votes for confirmation MORE (R-Ohio) and now-Speaker Paul RyanPaul Davis RyanThe Memo: Saudi storm darkens for Trump The Hill's 12:30 Report — Mnuchin won't attend Saudi conference | Pompeo advises giving Saudis 'few more days' to investigate | Trump threatens military action over caravan The Hill's Morning Report — Presented by the Coalition for Affordable Prescription Drugs — Health care a top policy message in fall campaigns MORE (R-Wis.).

House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyOvernight Health Care — Presented by the Coalition for Affordable Prescription Drugs — Some ObamaCare premiums to decrease next year | Sanders hits back at Trump over 'Medicare for all' | Panel to investigate rising maternal mortality rates House committee to investigate rising maternal mortality rates How the Trump tax law passed: The final stretch 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 HatchGOP leaders hesitant to challenge Trump on Saudi Arabia Congress should work with Trump and not 'cowboy' on Saudi Arabia, says GOP senator US to open trade talks with Japan, EU, UK 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 McConnellOvernight Health Care — Presented by Purdue Pharma — Trump says GOP will support pre-existing condition protections | McConnell defends ObamaCare lawsuit | Dems raise new questions for HHS on child separations Poll finds Dems prioritize health care, GOP picks lower taxes when it's time to vote The Hill's 12:30 Report — Mnuchin won't attend Saudi conference | Pompeo advises giving Saudis 'few more days' to investigate | Trump threatens military action over caravan 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.