Finance Committee Chairman Max Baucus (D-Mont.) and Utah Sen. Orrin Hatch, the panel’s top Republican, told their colleagues they’re moving on a foundation for tax reform with a “blank slate.” That means all special tax provisions on the books, including popular provisions like the mortgage interest deduction, the protection of employer-provided health care and special treatment of investment income, are on the chopping block.
Senators — not lobbyists or other outside interests — will have until July 26 to make their case for which provisions should be inserted back into the tax code.
“We have issued 10 bipartisan options papers totaling more than 160 pages that detail reform proposals we are considering in every area of the tax code,” Baucus and Hatch wrote in a “dear colleague” letter to other senators. “Now it is your turn.”