Tax reform process in U.S. Senate | KPMG | GLOBAL

Legislative update: Senate Finance chairman’s statement on tax reform process

Tax reform process in U.S. Senate

U.S. Senate Finance Committee Chairman Orrin Hatch (R-UT) spoke on the floor of the U.S. Senate about the need for comprehensive tax reform and the “ongoing effort” to reform the Internal Revenue Code.

1000

Related content

Chairman Hatch addressed the tax reform process (among other things) in his statement and said, in part:  
 

Today, I want to take a few minutes to rebut the growing narrative in the media and elsewhere that tax reform is going to be a secretive exercise, involving the input of only a few key players. 

True enough, there have been meetings involving the administration, House and Senate leaders and tax-writers in recent weeks, wherein we’ve been discussing tax reform at a high level in an effort to reach some agreement. 

However, while this process may result in an agreed upon framework, this will not be the be-all-end-all of tax reform. On the contrary, as chairman of the Senate’s tax-writing committee, I am committed to ensuring a robust process in the Senate for developing, considering, and passing any tax reform package. * * * Toward that end, I have been working to involve all the Republican members of the Senate Finance Committee in this effort. * * *

And, I’ve asked some senators to focus on particular areas.
 

Chairman Hatch said that he had asked the following senators to focus on the following areas:

  • Senators Enzi and Portman—international tax
  • Senator Grassley—individual tax 
  • Senator Thune—business tax
  • Senators Heller and Cassidy—energy tax
  • Senator Roberts—agriculture

Hatch also noted his intent to enlist the help of other Finance Committee members, over time, on particular tax issues. 

© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit