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Get serious about tax reform

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in Small Business Tax

This time, the Senate Finance Committee (SFC) appears to mean business. It recently announced that it has launched five separate bipartisan “working groups” that will provide recommendations on comprehensive tax reform.

The five groups are as follows:

  1. Individual Income Tax
  2. Busi­­­­ness Income Tax
  3. Savings & Investment
  4. International Tax
  5. Community Development & Infrastructure

Each group will collaborate with the nonpartisan Joint Committee on Taxation (JCT) to produce an in-depth analysis of options and potential legislative solutions. Then they will submit the results to SFC chairman Orrin Hatch (R-UT) and former chairman Ron Wyden (D-OR), the highest-ranking Democrat, no later than May 30. Stay tuned.

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