Senate Finance Committee Chairman Max Baucus, D-Mont., released Tuesday the first in a series of discussion drafts on reforming the nation’s tax code.
The first draft provides a roadmap on how to reform the international tax rules in order to “spark economic growth, create jobs and make U.S. businesses more competitive,” according to Baucus. Other reform discussion drafts will be released later this week.
“Over the past three years, the Finance Committee has examined every aspect of the tax code in an effort to fix a broken system,” Baucus said in a statement.
“Through hearings, option papers and blank slate proposals, we’ve received input from key stakeholders and nearly every member of the Senate. These discussion drafts are the next step. They represent proposals collected throughout this process and provide a path forward on tax reform. Some are Democratic ideas. Some are Republican ideas. The common link is they are all ideas worth exploring.”
Sen. Orrin Hatch, R-Utah, ranking member of the Senate Finance Committee, issued a statement the same day that he had told Baucus that he “would prefer to hold off on releasing any discussion drafts until after the budget conference concludes in order to ensure that tax reform doesn’t become a victim of this partisanship.”