Aside from the obvious fact that taxes are a concern for nearly everyone in one way or another, those of you who are fortunate to have employer sponsored health benefits should pay close attention to any tax reform effort.
The tax-free status of employer contributions toward health benefits is a major revenue loser for government and the only benefit that is entirely tax-free 👀👀. It is a plumb ripe for picking‼️
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Hatch, Wyden Launch Bipartisan Finance Committee Tax Reform Working Groups
Five Bipartisan Groups to Analyze Challenges of Tax Code, Develop Policy Recommendations for Comprehensive Tax Reform
WASHINGTON – Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) today announced the launch of five separate bipartisan Finance Committee Tax Working Groups to spur congressional comprehensive tax reform efforts in the 114th Congress.
The groups will analyze current tax law and examine policy trade-offs and available reform options within the group’s designated topic areas. Each group will be co-chaired by one Republican and one Democrat member.
Policy focus areas for the working groups include: 1) Individual Income Tax; 2) Business Income Tax; 3) Savings & Investment; 4) International Tax; and 5) Community Development & Infrastructure.
Each of the bipartisan groups will work directly with the nonpartisan Joint Committee on Taxation (JCT) to produce an in-depth analysis of options and potential legislative solutions within its assigned area, with the goal of having one final comprehensive report featuring recommendations from each of the five categories completed by the end of May. The report recommendations, which will be delivered to Chairman Hatch and Ranking Member Wyden, will serve as a foundation for the development of bipartisan tax reform legislation.
“Republicans and Democrats agree the American tax system is too complicated, unfair, and is hurting economic growth,” said Hatch. “With the launch of these working groups, members will have an opportunity to thoroughly examine the code and put forward smart ideas that will help lay the groundwork for a bipartisan tax overhaul that will provide bigger paychecks, better jobs, and more opportunity for all Americans. I look forward to working with my colleagues on both sides of the aisle as we take on this challenge during the 114th Congress.”
“We can all agree that that our broken tax code must be fixed in a way that makes it work for, not against, our country and economy. We need a simple and fair system that helps both typical Americans and business alike,” said Wyden. “A lot of hard work has been done in recent years on tax reform creating a strong foundation to build upon. We now have a window of opportunity to make a run at modernizing our tax code and it’s time to come together and deliver. It’s going to involve a lot of hard work and compromise and I’m hopeful this bipartisan effort will move us in that direction.”
via The United States Senate Committee on Finance: Newsroom – Chairman’s News.
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