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Senate Finance Committee Holds Hearing on International Tax Reform

Led by Chairman Hatch, the Senate Finance Committee held a hearing on international tax reform, following the release of the Republican tax reform framework. The hearing and witnesses focused on the competitive disparity between foreign multinationals and domestic multinationals. The witnesses differed on whether a switch to a territorial system or stronger earning stripping provisions...

Business Tax Reform Hearing Announced by Senate Finance Committee

Senator Hatch, the Chairman of the Senate Finance Committee, announced a hearing on business tax reform to take place on Tuesday, September 19, 2017. Four executives from industry groups and think tanks will testify on policy options for reforming the taxation of U.S. businesses. The witnesses include: Scott A. Hodge, President, Tax Foundation; Donald B. Marron, Institute Fellow, Urban...

Heller Foresees Tax Reform Passage in December

Senator Dean Heller, a Republican member of the Senate Finance Committee, stated that the best case scenario for tax reform is legislation passing in late December of this year.  He predicted that the tax reform bill will lower rates, apply retroactively, and will attempt to decrease some regulations.  Senator Heller anticipates a half dozen tax reform hearings from his committee prior...

Republican Tax Reform Framework, but No Legislation, Reportedly Coming in September

Sources indicate that the Trump administration expects the “Big Six” will release a short three- to five-page document in September outlining a plan for reforming the US tax code. The document will likely not be accompanied by legislation, previously targeted for September, but instead could serve to outline areas of agreement between the White House, Senate, and Congress. Neither the...

Senator Hatch Not Optimistic About a Significant Reduction in the Corporate Tax Rate

Senator Hatch, Senate Finance Committee chairman, said in an interview that it would be “kind of miraculous” to reduce the corporate tax rate to 25 percent, much less President Trump’s goal of 15 percent, and that Republicans will be lucky to get the rate down at all.  He also stated that tax reform success may require gaining Democratic support. Read more: U.S. Senator Hatch says 25...

Joint Statement on Tax Reform Issued; BAT Abandoned

Today, House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Treasury Secretary Steven Mnuchin, National Economic Council Director Gary Cohn, Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways and Means Committee Chairman Kevin Brady (R-TX) issued a joint statement on tax reform that sets out a broad framework for moving forward on tax reform. Most notably,...

Senator Hatch Weighing Corporate Integration System; Former Treasury Officials Testify in Favor

The staff of Senator Hatch, Chairman of the Senate Finance Committee, is reportedly investigating a proposal that will permit a corporation to deduct 40% of the dividends it pays to shareholders.  Senator Hatch has previously promoted similar corporate integration measures—plans that eliminate or reduce the double taxation corporations face.  The proposal is reportedly being explored...

Senate Finance Committee Announces Tax Reform Hearing

The Senate Finance Committee, led by Chairman Orrin Hatch, will convene a tax reform hearing on July 18 at 9:00 am titled “Comprehensive Tax Reform: Prospects and Challenges.”   The hearing, featuring testimony from four former Treasury Assistant Secretaries for Tax Policy, will examine the challenges faced by Congress in enacting tax reform to promote economic growth and...

Hatch Assigns Republican Committee Members to Specific Tax Reform Items

Senator Hatch, head of the Senate tax-writing panel, asked Republican members of the committee to provide input on specific tax areas: Senators Mike Enzi of Wyoming and Rob Portman of Ohio will focus on international business taxation; Senator Chuck Grassley of Iowa will focus on taxation of individuals; Senator John Thune of South Dakota will focus on business and estate taxes;...

Senator Hatch States that White House, Senate and House Republicans are in Agreement on 80% of Tax Reform Proposals

Senate Finance Committee Chairman Orrin Hatch spoke at Bloomberg Global Transfer Pricing Conference on June 7, stating that the White House, Senate and House Republicans are in agreement on roughly 80 percent of the key issues. The Senator reiterated his commitment to lowering tax rates and shifting to a territorial system but noted that the proposals were still in the planning stage...

Chairman of Senate Finance Committee States that Trump Administration is Against Border Adjustment Tax

The Chairman of the Senate Finance Committee, Orrin Hatch, believes after meeting with Trump administration officials, that the Trump administration is against the House Republican’s proposed border adjustment tax. Treasury Secretary Steven Mnuchin met with Republican Senate Finance Committee on May 9 to discuss tax reform. Senator Hatch also believes that the border adjustment tax...