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Tax Reform Working Groups Get an Extension

Last week Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) released an update on the committee’s bipartisan tax reform working groups.

The senators said they would allow the working groups more time to analyze current tax law and examine policy trade-offs and available reform options within each group’s designated topic areas. “After receiving valuable feedback from our working group co-chairs on how they need more time to produce constructive results, we feel it is prudent to allow additional time so that they can continue their work. It is our hope these bipartisan working groups will use this extended time to finalize their recommendations for tax reform and produce in-depth analyses of options and potential legislative solutions,” Hatch and Wyden said.

The committee, which formed the groups in January to spur comprehensive tax reform efforts in the 114th Congress, will decide on a new timeline after the Memorial Day recess when members have an opportunity to meet.

On April 15, the American Retirement Association joined with other industry stakeholders in releasing a statement to the Senate Finance Committee working group on Savings and Investment. The statement highlights the significance of the employer-sponsored retirement plans and individual savings arrangements that have introduced tens of millions of American workers to retirement saving.