On Wednesday, five Congressional tax reform working groups provided reports to Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.).
The five groups provided little consensus. Four of the groups made no specific recommendations and only produced long descriptions of current law and or parsed various proposals that have already been offered. For instance, the infrastructure group proposed taxing unrepatriated foreign profits of U.S. multinationals to finance the Highway Trust Fund in the short term, and a vehicle mileage tax (VMT) to pay for roads over the long-term – a concept studied during a meeting by the House Ways and Means Committee a few weeks ago. The business group set four principles of business reform including a substantial corporate tax rate reduction and broader tax reform for all businesses. The next phase for the Finance Committee is unclear, as the panel must contend with how to address the Highway Trust Fund deadline looming at the end of the month.
For more information, please contact Brian Lenihan at lenihanb@agc.org or (202) 547-4733. Return to Top