Seven Principles of Tax Reform
COULD IT REALLY HAPPEN? LAWMAKER’S SEVEN PRINCIPLES FOR TAX REFORM
A key Republican leader in the Senate has paved the way for a serious tax reform effort by establishing seven guiding principles for comprehensive reform of the U.S. tax code. Sen. Orrin Hatch (R-UT), the new Chairman of the Senate Finance Committee, offered these catchphrases to “help set the stage” for Congressional reform efforts:
- promote economic growth
- promote competitiveness
- promote savings and investment
- revenue neutrality (new law will not increase nor decrease government revenues)
“Tax reform is no longer optional,” Hatch observed. As a senior member of Congress known for bipartisanship, his leadership on this issue could jump-start the process. We are keeping an eye on this fellow. Read his statement here.