While millions of Americans are on holiday during August, tax committees in Washington are busy drafting a tax reform bill.
Senate Finance Committee Chairman Orrin Hatch (R-UT) was interviewed by national media on August 6. He was asked about the White House proposal to reduce rates to 10%, 25%, and 35%. Hatch responded, "If we could get to those rates, that would be miraculous, and it would be very beneficial for the country."
Hatch then went on to describe a number of obstacles to lowering rates. "Looking at what we have going on in Congress right nowall the difficulties and catfights across the board and the slowdown of everything by the Democrats, the desire not even to let legislation come forthyeah, it would be very difficult to get there."
Rep. Richard Neal (D-MA) is the Ranking Minority Member in the House Ways and Means Committee. He expressed hope that a forthcoming tax bill could help middle-class Americans, rather than reduce payments for those with higher...Learn More >