The Senate Finance Committee put out a call to the public last week to provide ideas, proposals, and feedback on how to improve the American tax system.
“After years of committee hearings, public statements, working groups, and conceptual exercises, Congress is poised to make significant steps toward comprehensive tax reform,” Committee Chairman Orrin Hatch (R-Utah) stated in a letter. “Members from both parties have acknowledged the shortcomings of our current tax system and the need for meaningful reforms to encourage economic growth and alleviate many of the burdens imposed on hardworking taxpayers.”
Submissions should be sent to the Senate Finance Committee at taxreform2017@finance.senate.gov. The deadline to respond is July 17.
All submissions are confidential and will be considered as Congress works to craft an overhaul of the U.S. tax code.
“As we work to achieve those goals, it is essential that Congress has the best possible advice and insight from experts and stakeholders,” Hatch said.
Specifically, Hatch is looking for recommendations on providing tax relief to middle-class individuals and families through reforms to the individual income tax system. It is also looking for ideas to lower the tax rates and broaden the relevant tax base for small and large business to spur economic growth and create jobs.
The committee is also looking for suggestions to remove impediments and disincentives for savings and investment that exist in the current tax system and update the international tax system to make the United States more competitive in the global economy.
“As this effort moves forward, it is important that everyone – including members of Congress, administration officials, and stakeholders – manage expectations and remain willing to compromise on ideal policy preferences,” Hatch said. “Make no mistake; I intend to be ambitious in crafting effective tax reform legislation. However, all of us must keep in mind the fiscal, economic, and procedural constraints inherent in this exercise. Therefore, it is my hope that any input submitted in response to this request will keep those realities in mind.”