Tax Tip of the Week | No. 294 | Senate Forms Tax Reform Working Groups

Tax Tip of the Week | March 18, 2015 | No. 294 | Senate Forms Tax Reform Working GroupsHere is a recent article from accountingtoday....

Leaders of the Senate Finance Committee have formed five bipartisan working groups with the goal of analyzing the tax code and developing policy recommendations for comprehensive tax reform.Senate Finance Committee Chairman Orrin Hatch, R-Utah, and ranking Democratic member Ron Wyden, D-Ore., announced the launch of the five working groups Thursday. The groups are supposed to analyze the current tax laws and examine the various policy trade-offs and reform options within each topic area.Each group will be co-chaired by one Republican and one Democratic member.The policy focus areas for the working groups include: 1) individual income tax; 2) business income tax; 3) savings and investment; 4) international tax; and 5) community development and infrastructure.“Republicans and Democrats agree the American tax system is too complicated, unfair, and is hurting economic growth,” Hatch said in a statement. “With the launch of these working groups, members will have an opportunity to thoroughly examine the code and put forward smart ideas that will help lay the groundwork for a bipartisan tax overhaul that will provide bigger paychecks, better jobs, and more opportunity for all Americans. I look forward to working with my colleagues on both sides of the aisle as we take on this challenge during the 114th Congress.”We’ll keep you posted.

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