06/22/2017

Hatch Calls for Feedback on Tax Reform

Republicans believe there is a need for transformational tax reform

Congressional leaders continue to assert that tax reform is a major priority this year, although tax writers in both the House and Senate are admittedly still looking for specific ideas to overhaul the tax system that lawmakers can agree to support.

Earlier this week, House Speaker Paul Ryan (R-WI) said in a speech to the National Association of Manufacturers (NAM) that there is broad agreement among Republicans on the need for “transformational tax reform.”

“Real tax reform means slashing our corporate tax rate as low as possible,” Ryan said. “This means eliminating special-interest carve-outs and replacing them with lower tax rates for all businesses.”

Ryan downplayed differences between House and Senate leaders and the White House on what should be in a tax reform plan, and did not mention the controversial border adjustment tax on imports that House tax writers still want to be in the bill. After his speech, Ryan told reporters that House leaders would see if the Senate comes up with a better alternative to the border adjustment tax.

“What we’re doing right now, the tax writers, is we’re just comparing and contrasting various versions of reform to get the best possible one that gives us the lowest possible rates and the most internationally competitive tax system and the best one we can pass,” Ryan said.

Meanwhile, Senate Finance Committee Chairman Orrin Hatch (R-UT) earlier this week called on stakeholders in tax reform to submit their ideas and feedback on how to improve the tax system. Hatch said all comments would be carefully examined and considered as the Finance Committee works to craft a bill. Comments should be submitted by July 17.

This article was provided to OSAE by The Power of A and ASAE's Inroads.