On Wednesday, the Senate Finance Committee held a hearing to hear from economists and public policy professors on the context of comprehensive tax reform. Chairman Orrin Hatch (R-Utah) asked witnesses about integrating corporate and individual income taxes into a single level of taxation. Ranking Member Wyden (D-Ore.) focused his questions on simplifying tax paperwork and funding for infrastructure. Expert witness Laura Tyson, who served as head of President Clinton’s Council of Economic Advisers, told the Finance panel that Congress should maintain accelerated depreciation, as well as others that “actually enhance new investments.”
Meanwhile, the Finance Committee announced a hearing on “Tax Fairness” for March 3 with a three-witness panel of Lawrence B. Lindsey, who served as an economic advisor to both Bush presidents; Deroy Murdock, contributing editor at National Review; Heather Boushey, executive director and chief economist for the Washington Center for Equitable Growth; and Steven Rattner, chairman of Willett Advisors LLC in New York.
Additionally, the Finance Committee Tax Working Groups announced a schedule of activities with a goal for releasing final report of recommendations for reform to the chairman and ranking member during the week of May 25. Working Group co-chairs will set their own schedule, but will include weekly education sessions for members and roundtable discussions in mid-April.
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