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The Joint Committee on Taxation (JCT) released its report on the Ways and Means Committee Tax Reform Working Groups. Congressman Adrian Smith (R-NE) and Congressman John B. Larson (D-CT), leaders of the Tax Reform Working Group on Financial Services, released the following statement:
“This report is another positive step forward for our efforts to complete comprehensive tax reform,” said Congressman Smith. “I thank the Joint Committee on Taxation for compiling the report, and the many stakeholders and citizens who shared their thoughts and ideas throughout the process. I look forward to continuing to work with Congressman Larson and other members of the committee to simplify our out-dated and burdensome tax code and encourage economic growth.”
“I would like to commend Chairman Camp and Ranking Member Levin for their efforts in spearheading this bipartisan process,” said Congressman Larson. “This report is a first step towards reforming our tax code. I hope to continue working with my counterpart Congressman Smith as well as the rest of my colleagues on the Committee to come up with a bipartisan, comprehensive solution that can be voted on in regular order.”
Click here to download a copy of the complete JCT report which includes a summary of present law and suggestions for reform submitted to the 11 Tax Reform Working Groups.
Public comments were accepted through April 15, 2013. To view comments that were submitted click here.