01 February 2017 Hatch says Senate to pursue own tax reform process Senate Finance Committee Chairman Orrin Hatch (R-UT) on February 1, 2017, said that the Senate will conduct its own tax reform process and cannot be expected to simply accept a bill that comes out of the House. "This is not to say that I plan to oppose or disregard Chairman Brady's bill when it comes out. Far from it. I am confident that their tax reform plan will provide a strong, legitimate path forward," Chairman Hatch said in remarks on the Committee's agenda at the US Chamber of Commerce. "I'm simply saying that a major concern on tax reform is producing a bill that can get through the Senate, and that is likely going to require a separate Senate tax reform process, which will almost surely end up looking different from what passes in the House." The Senate is in the early stages of its tax reform process, but the hope is to have a tax reform proposal "in one form or another to discuss publicly in the near future," the Chairman said. Chairman Hatch also said that despite being barraged with questions related to the border adjustability tax proposal being advocated heavily by House Republican tax writers, "The fact is, it's too early for me to have a definitive position on this issue." Hatch said he is aware that "at least a handful of Senators have serious reservations about border adjustability, and that requires us to consider the bigger picture." — Who will bear the tax, and to what extent will it be borne by consumers, workers, shareholders, and foreigners? On health care, Chairman Hatch said he is currently working with the chairmen of the House Ways and Means and Energy and Commerce Committees on both Affordable Care Act (ACA) repeal and replace legislation, and that there needs to be a definitive answer about what to do with the ACA taxes. "All of the Obamacare taxes need to go as part of the repeal process," he said.
Document ID: 2017-0216 | |||||
