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Tax reform 2014, Senate version

The tax reform 2014 train has another passenger, this one boarding at the U.S. Senate's tax-writing station.

Senate Finance Committee analysis of tax reform December 2014 HatchSen. Orrin Hatch (R-Utah) has released an in-depth analysis by the Senate Finance Committee Republican staff entitled "Comprehensive Tax Reform for 2015 and Beyond."

Also this week, outgoing Ways and Means Chairman Dave Camp (R-Mich.) introduced H.R. 1, the Tax Reform Act of 2014, in the House.

The Senate report outlines the issues policymakers must consider in any effort to reform the tax code, according to Hatch. The document also aims to "further educate and inform" the upcoming debate.

There's a good chance the 340-page analysis will get closer examination in the 114th Congress. While Hatch is, for a few more weeks, the Senate tax-writing panel's ranking minority member, he will take over as the Finance committee's chairman in 2015.

"If we are ever going to make tax reform a reality, both parties will have to come together to get it done," said Hatch in releasing the report. "That will mean Republicans and Democrats in both the Congress and the White House working together toward a common goal that will benefit the American people and help get our economy moving on a better course."

Hatch said the report is intended to provide background on "where we are and where we have been with regard to our tax system as well as some possible direction on where our reform efforts should go in the near future."

Stressing the need for bipartisanship in overhauling the Internal Revenue Code, Hatch said he's "willing to work with anyone, Republican or Democrat, to fix our country's tax code and I hope this report will be viewed as an invitation to work together on these critical issues."

Check out the report and then send your participation R.S.V.P. to Hatch, as well as to your Senators and Representative.

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