The Hill is reporting that the House Ways and Means Committee will take the next step in creating a broad tax reform plan by announcing 11 separate working groups on different components of reform. The working groups would be composed of members of both parties and will be used to lay the groundwork in these different areas, not necessarily making recommendations.
The 11 working groups would cover the following topics:
- Pass-through entities and small business issues
- Charitable and other tax-exempt organizations
- Education and family benefits
- Financial services
- Real estate
- Debt, equity, and capital
- Income and tax distribution
- International taxation
- Pensions and retirement
Committee Chair Dave Camp (R-MI) has already released discussion drafts on two of these topics, financial products and international taxes. The Hill reports that the Senate Finance Committee hopes to release a discussion draft or reform options paper in the spring. Ways and Means will also be holding a hearing on the charitable deduction tomorrow morning at 9:30 am.
Overall, it's promising to see tax reform efforts moving forward. It will take a lot of time and information-gathering to get a broad tax overhaul done right, considering all the moving parts. Ways and Means has gotten the ball rolling, and we hope to see it continue until a reform bill that raises revenue crosses the finish line.