WASHINGTON—Senate Finance Committee Chairman Orrin Hatch (R-UT) has indicated that as Congress and the administration continue to work on overhauling the nation’s broken tax code, he continues to seek ideas, proposals and feedback on how to improve America’s 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,” he said.
NAFCU Vice President of Legislative Affairs Brad Thaler says the association will be submitting information regarding the value of the credit union federal tax exemption in the marketplace for consumers and to the economy via job creation. NAFCU added that it encourages individual credit unions to do the same. NAFCU lobbyists say so far that credit unions’ tax-exempt status is not a target, but that the association is remaining vigilant.
Hatch is asking interested parties to submit ideas and comments by July 17 and is specifically looking for recommendations in four areas:
- Providing much-needed tax relief to middle-class individuals and families through reforms to the individual income tax system
- Strengthening businesses—both large and small—by lowering tax rates and broadening the relevant tax base in order to put the economy on a better growth path and create jobs
- Removing impediments and disincentives for savings and investment that exist in the current tax system
- Updating the international tax system in order to make our nation more competitive in the global economy and preserve the tax base
Comments should be submitted via email to taxreform2017@finance.senate.gov by no later than July 17.
House Speaker Paul Ryan will also discuss tax reform during a speech, which NAFCU said it will monitor, today before the National Association of Manufacturers.