The United States Senate Committee on Finance


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conference committee report  policy highlights tax reform   past finance committee action on tax reform Tax payer examples

Click here to read the conference report for the Tax Cuts and Jobs Act.
Click here to read the JCT score of the conference report for the Tax Cuts and Jobs Act.
Click here to read Tax Cuts and Jobs Act policy highlights.
Click here to see the real world impact of the Tax Cuts and Jobs Act. 


Click here to see the section-by-section addendum post-Senate passage.
Click here to read the
 
section-by-section of the Finance Committee-passed bill.

A look at the Finance Committee’s history in the tax space may be found here.

April 20, 2018: Tax Day 2018: The End of an Era

Senate Finance Committee Members took the opportunity to talk about the benefits of the nation’s new, 21st century tax code that prioritizes the middle class, job creation, higher wages and economic growth.

April 19, 2018: Tax Reform on Tax Day: What They’re Saying

Take a look at some of tax reform’s benefits highlighted by leaders on Tax Day as they celebrated “out with the old, in with the new” tax code.

April 17, 2018: Tax Day 2018: Hatch Touts Benefits of Tax Reform

Senate Finance Committee Chairman Orrin Hatch (R-Utah) joined Maria Bartiromo on her Fox Business show Mornings With Maria this Tax Day to discuss tax reform, the deficit and current negotiations regarding the North American Free Trade Agreement (NAFTA) . He also touted tax reform’s benefits at the weekly Republican Senate Leadership press conference.

April 17, 2018: The Daily Herald: Sen. Orrin Hatch: Out with the old, in with the new

After all, this tax day is the last time most of us will ever have to think about our old, outdated tax code. Next April 15, Americans will file under an updated tax code that prioritizes middle-class tax relief, higher wages and job creation instead of special interests. 

April 16, 2018: Out with the Old, In with the New

For most Americans, filing tax returns is as much of a chore as spring cleaning. Fortunately, this Tax Day is the last time Americans will use the nation’s three-decade-old tax system, and moving forward – thanks to Republicans in the Senate, the House and the executive branch – will file based on a tax code that provides.

April 13, 2018:  Welcoming a New Tax Code

Check out these recent op-eds and news stories of leaders praising the sweeping benefits of tax reform – including higher wages, business investment, and more money in the pockets of American workers and families.

March 02, 2018: Tax Reform Gets Rave Reviews: What They’re Saying

Speaking at a U.S. Chamber of Commerce event earlier this week, Senate Finance Committee Chairman Orrin Hatch (R-Utah) pointed out that Americans are increasingly voicing support for the recent tax overhaul – and even critics of the new law are changing their tune as its benefits become more evident.

 

March 01, 2018: Business is Booming, Companies are Hiring, Incomes are Rising

The latest economic indicators show that less than a quarter into the new tax code, tax reform is working.

 

Feb. 28, 2018: Small Businesses Deliver Tax Reform Benefits, Too

Dozens of Fortune 500 companies are boosting employee benefits, bringing money home from abroad, investing in America, and more. Complementing those headlines are stories of smaller companies throughout the United States that are using tax reform to benefit their local communities.

 

Feb. 28, 2018: Tax Reform: The Proof is in the Paycheck

The new tax law was crafted to provide middle-class tax relief and lower individual taxes across the board. To reflect the new law, the IRS rolled out new withholding tables last month, giving employers until February 22 to implement the changes. So if they haven’t already, most Americans will soon see bigger paychecks thanks to tax reform.

 

Feb. 16, 2018: New Tax Law Helping Americans Save for Retirement

Last year, pensions of households and nonprofit organizations rose to nearly $23 trillion. Reforms to the business and individual sides of the tax code will help retirement savers boost their pension values by even more.

 

Jan. 29, 2018: Tax Reform Headlines: Business is Booming

Less than one month into the new tax code, businesses are already making dramatic changes in how they operate. They’re investing more in the United States, meaning more growth, more jobs and higher wages. 

 

Jan. 23, 2018: Dismantling Obamacare Bit-by-Bit

Last year’s historic tax overhaul not only included the biggest rewrite of our nation’s tax code in over 30 years, but it also took a large stride toward dismantling Obamacare by repealing the punitive and regressive individual mandate tax.   

 

Jan. 18, 2018: Tax Reform Helps U.S. Manufacturers Compete

Critical reforms like an internationally competitive corporate tax rate, territorial international system, rate reductions and improvements for small businesses, among others, will lead to new jobs, higher wages and increased investment in American manufacturing.

Jan. 12, 2018: Who Doesn’t Love Lower Bills?
Not only will Americans see bigger paychecks as a result of tax reform, but many will see lower utility bills as a result of the new law as well. Utility providers and regulators across the country are seeking to pass tax savings along to consumers in the form of lower electric, gas and water bills.

Jan. 10, 2018: Ten Ways Tax Reform is Helping American Businesses & Workers
Take a look at 10 ways that companies across the country are using their tax reform savings to reinvest in their businesses. 

Jan. 8, 2018: Tax Reform: A Win for Farmers, Rural America
Recently enacted tax reform will lower taxes for the vast majority of farmers and ranchers, helping them get ahead in the 21st century. 

Jan. 5, 2018: Tax Reform Spurs Companies, Large and Small, to Boost Workforce Investment
Companies across the country are investing in their employees and their communities as a result of comprehensive tax reform.

 

Jan. 4, 2018: Cheers to a New Year and a New Tax Code
Historic, comprehensive tax reform was the crowning achievement of Congress’ 2017 legislative accomplishments. Republican Senators rang in the New Year and new tax code cheering the tax overhaul in local papers across the country. 

 

Dec. 21, 2017: From the Atlantic to the Pacific, U.S. Senators Laud Comprehensive Tax Reform
Republican U.S. Senators from across the country voted to provide middle-class tax relief and modernize America’s broken tax code, bringing it into the 21st century. From making the tax code more family friendly and repealing Obamacare’s individual mandate tax, to making America more competitive and developing more natural resources, there is so much in this bill that helps hardworking Americans.

 

Dec. 19, 2017: Hatch: “This is a Great Day for America”
“This is a great day for America because we’re going to pass a pro-growth, pro-American bill that literally everyone should support,” Hatch said at the press conference.

 

Dec. 18, 2017: Conference Report Earns High Praise
Finance Committee Republicans conferees cheered the roll-out. Take a look at what they’re saying.

 

Dec. 18, 2017: New Analysis: Tax Reform Will Create Jobs and Boost Growth and Wages
 A new report from the non-partisan Tax Foundation shows that the Senate and House conference report of the Tax Cuts and Jobs Act will lead to faster economic growth, more jobs and higher wages.

 

Dec. 14, 2017: Finance Committee Members Talk Tax Reform at Conference Committee Hearing
Senate Republicans praised the proposals, emphasizing the impact tax reform would have on increasing wages, creating jobs, and bringing investment back from overseas.

 

Dec. 12, 2017: What They’re Saying: Tax Reform Will Benefit Entrepreneurs, Middle-Class Workers & Small Businesses

Community leaders, stakeholders and thought leaders across the country are praising Republican efforts to overhaul the tax code.

 

Dec. 8, 2017: Myth v. Fact: Setting the Record Straight on Democrats’ Tall Tales

No, the Senate tax plan does not kick thousands off their health care or give tax breaks to private jet owners. 

 

Dec. 6, 2017: The Senate Tax Overhaul Will Help #Millennials, Future Generations

Unemployment among millennials has been stubbornly high, they are increasingly saddled with student debt and their wages have stagnated. Our current tax code is only making matters worse for this generation. Fortunately, the Senate plan to overhaul the nation’s tax code will make it easier for young people to get ahead, start new businesses, save for the future, and take life’s next step.

 

Dec. 5, 2017: GOP United on Tax Reform

The Senate took a critical step toward enacting a comprehensive tax overhaul that will provide middle-class tax relief, grow the economy, and lead to more, higher paying jobs. Republican leaders are united in pushing tax reform across the finish line to bring America’s tax code into the 21st century. 

 

Dec. 4, 2017: Finance Committee Republicans Applaud Senate Passage of Historic Tax Reform

Finance Committee Members have been hard at work on this legislation for months, crafting a tax plan that lifts Americans and grows the economy. Take a look at what they’re saying about the Senate’s passage of the proposal.

 

Dec. 4, 2017: More Than 200 Industry Stakeholders and Job Creators Support Senate Tax Overhaul

 The Senate tax overhaul, which passed the Senate last week, makes America a more inviting place for businesses to invest and grow. By lowering the corporate tax rate, allowing full and immediate expensing, and making a number of other much needed business tax reforms, the Senate tax plan will spur investment and growth, leading to higher wages and better jobs.

 

Dec. 1, 2017: Small Business Owners: Pass the Senate Tax Reform Plan

The Senate tax reform plan provides real tax relief for small business owners across the country. The plan includes simple tax deduction on qualifying income of pass-through businesses, as well as making a number of much-needed reforms businesses on Main Street need to invest and grow.

 

Nov. 30, 2017: Debunking Senate Democrats Tax Reform Tales

The Tax Cuts and Jobs Act, which is being considered on the floor of the U.S. Senate, will put money back in the pockets of middle-class families, raise wages, grow the economy, and make America more globally competitive. Unfortunately, we heard a number of false claims from Democrats that just don’t square with reality. 

 

Nov. 29, 2017: 137 Economists Support the Senate Tax Reform Plan

“[W]hen it comes to the tax reform package aimed at fixing our broken system, the undersigned have but one shared perspective: Economic growth will accelerate if the Tax Cuts and Jobs Act passes, leading to more jobs, higher wages, and a better standard of living for the American people,” the economists wrote in a letter. 

 

Nov. 29, 2017: From Tennessee to Wisconsin, Real Americans Support Senate Tax Plan

Across the country, real Americans recognize what they stand to benefit from the Senate plan to overhaul the federal tax code.

 

Nov. 28, 2017: Senate Tax Bill Delievers Stronger Growth, Higher Wages

The Finance Committee tax plan will unleash economic growth. By lowering the corporate tax rate, shifting to a territorial tax system, and allowing immediate expensing, the plan encourages more investment here at home and helps keep jobs from going overseas. 

 

Nov. 27, 2017: Finance Committee Republicans are United on Senate Tax Plan

The Finance Committee recently advanced a historic tax overhaul plan that will increase the take-home pay of middle-class American families and create a fairer system that will boost job growth and make America a more inviting place to do business. 

 

Nov. 22, 2017: Senate Tax Bill Levels the Playing Field for American Small Buisnesses

hese engines of our economy are capable of creating more than 1 million new jobs each year and employ about half of the American workforce. That’s why Congress is working to provide tax relief to these small businesses and help level the playing field for them.

 

Nov. 21, 2017: The Senate Tax Proposal Delivers Benefits Directly to the Middle Class

The Finance Committee tax overhaul delivers benefits directly to the working and middle class through doubling the standard deduction and the child tax credit, as well as lowering rates across the board. 

 

Nov. 20, 2017: Regular Order: 23.5 Hours Over Foud Days, 350+ Amendments Filed

Senate Finance Committee Chairman Orrin Hatch (R-Utah) is committed to producing a comprehensive, pro-growth tax reform package through regular order. 

 

Nov. 18, 2017: Real World Impact: Typical Family Saves Nearly $2,200 Under Senate Tax Plan

Senate tax overhaul reduces middle-class American’s tax liability by nearly 60 percent. 

 

Nov. 17, 2017: Making History, Finance Committee Clears Comprehensive Tax Overhaul

After the Senate, House and administration came together to release a unified framework for comprehensive tax reform, the tax-writing committees got to work. Last night, the Senate Finance Committee passed comprehensive legislation to overhaul the nation’s broken tax code and create a fairer system that will move America forward, boost job growth, and increase hard-working Americans’ take-home pay.

 

Nov. 17, 2017: Repealing the Individual Mandate Tax Will benefit Middle Class

The Finance Committee’s tax reform plan includes the repeal of the regressive and punitive individual mandate tax, providing relief for working-class families who may not be able to afford or may not want to purchase health insurance. The proposal has received high-praise from thought-leaders. 

 

Nov. 16, 2017: A Tax Plan to Provide Relief for the Middle Class

With the Senate Finance Committee now in its fourth day of marking up its comprehensive tax reform proposal, Tax Cuts and Jobs Act, Republican Senators highlighted the significant tax cuts low-to middle income Americans would experience under their plan. 

 

Nov. 16, 2017: Senate Tax Plan Designed to Lift American Families

For the last decade, American families have struggled with flat wages and a sluggish economy. The Finance Committee’s plan to overhaul the tax code was designed to provide tax relief and boost take-home pay for middle-income families. Under the Senate plan, a typical family of four earning the median family income of around $73,000 will see its taxes cut by nearly $1,500. 

 

Nov. 15, 2017: The Obamacare Individual Mandate Tax Is Failing the American People

Obamacare’s individual mandate forces Americans to purchase health insurance, even if they cannot afford or do not want it, or face a steep and punitive tax. Included in Chairman Hatch’s modified markof the Tax Cuts and Jobs Act is the repeal of Obamacare’s burdensome individual mandate tax

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Nov. 14, 2017: Senate Tax Reform Markup, Day 1: Middle-Class Benefits All Around

The Senate Finance Committee kicked-off its markup of a once-in-a-generation opportunity to overhaul our nation’s tax code. In their opening statements, Republicans up and down the dais highlighted a key feature of the Tax Cuts and Jobs Act – tax relief and increased take-home pay for the middle class.   

 

Nov. 13, 2017: Senate Momentum on Tax Reform

Congressional efforts to overhaul the nation’s broken tax code are gaining momentum in the Senate this week, with Senate Finance Committee members and Trump administration officials touting the economic benefits of the Tax Cuts and Jobs Act.  

 

 Nov. 13, 2017: Senate Proposal Provides Middle-Class Tax Relief: State-by-State Analysis 

As press reports recently noted, the biggest winner in the Senate’s tax overhaul plan is the middle class. A recent analysis by the Tax Foundation breaks down how the Senate’s Tax Cuts and Jobs Act will lead to more jobs and higher wages in each state, amounting to nearly 1 million new jobs across the country and a boost of more than $2,500 in take-home pay for hardworking, middle-class Americans.

 

Nov. 11, 2017: High Praise from Committee Republicans on Senate Tax Plan

This week, Senate Finance Committee Chairman Orrin Hatch (R-Utah) announced a bold tax reform proposal that will provide middle-class tax relief, bring down tax rates across the board, and enhance America’s global competitiveness. With a markup beginning on Monday, Finance Committee Republicans are all-in on the Tax Cuts and Jobs Act

 

Oct. 31, 2017: Leveling the Playing Field for American Small Businesses

Small businesses are the backbone of the American economy, capable of creating more than 1 million new jobs in a year and employing approximately half of the American workforce.

 

Oct. 25, 2017 Tax Reform Framework Crafted with Working Families in Mind

In his inaugural address, President Trump said that “every decision” on taxes would “be made to benefit American workers and American families.” So, it’s no surprise that the unified tax reform frameworkreleased last month was crafted with working families in mind

 

Oct. 19, 2017 Studies Show Corporate Tax Changes Will Boost Growth, Wages in America

At an astounding 39 percent, the United States takes the cake for having the highest statutory corporate tax rate in the developed world. The nation’s effective corporate tax rate, or the actual rate paid after deductions and credits, is also globally uncompetitive, ranking fourth highest among G-20 countries.

 

Oct. 11, 2017: Senate Finance Committee Members Make the Case for Tax Reform

The Senate Finance Committee is committed to passing tax reform that will lead to more jobs, fairer taxes and bigger paychecks. Finance Committee members have been busy making the case for the Republican tax reform framework. Watch what they’ve been saying.

 

Oct. 5, 2017: Bring Businesses Home to Boost Middle-Class Wages 

This fall, the Senate Finance Committee took a deep dive into examining effective policy solutions to make the United States a more inviting place to do business. 

 

Sept. 20, 2017: Tax Reform: By the Numbers

Since Hatch became the top Republican on the committee, he’s fought to enact a strong, pro-growth economic agenda to strengthen the American economy. At the top of that list is remaking the nation’s tax code to better serve American job creators and hardworking, middle-class families across the country. 

 

Sept. 13, 2017: Tax Reform: What They’re Saying
Republicans on the Senate Finance Committee have been laser focused on advancing real reforms that will increase opportunities for all Americans. 

 

Aug. 31, 2017: Explaining the Estate Tax
Over the last two decades, estate and gift tax laws have been in flux – making financial planning difficult for hardworking families, small business owners and farmers. On top of that, since 2012, the maximum estate and gift tax rates have been set at a whopping 40 percent. 

 

Aug. 23, 2017: Middle-Class Relief from the Alternative Minimum Tax
The AMT, which has been tweaked nearly 20 times since its inception, is out-of-date, complicated and confusing. As current tax reform efforts proceed, Washington will take a close look at getting rid of this arcane tax once and for all.  
 

 

Aug. 16, 2017 A Tax Code to Help American Small Businesses Compete
It is important to ensure that one of the nation’s greatest economic drivers – American small businesses – have access to more resources to help them grow, invest, and hire new workers. 

 

July 26, 2017: The $2+ Trillion Lockout
With congressional efforts to overhaul the nation’s broken tax code moving forward in earnest, creating a tax system that ensures American businesses, both large and small, can successfully compete in today’s international markets remains a top goal.

 

July 19, 2017: What’s A Territorial Tax System?
In recent years, there has been an uptick in U.S. inversions and foreign takeovers of U.S. companies, which has seriously eroded our nation’s tax base. While lowering the U.S. corporate tax rate from one of the highest in the world to one of the lowest will help ease these challenges and make American businesses more competitive, reforms to the structure of our the international tax system are another essential part of the equation.

 

July 12, 2017: America’s Crippling Corporate Tax Rate
When faced with the highest corporate tax rate in the developed world, American businesses are at a competitive disadvantage relative to businesses located in other countries. This is dead drag on the economy, and if this rate is kept on the books, it will continue to hinder job growth, drive away investment and, ultimately, hurt America’s international standing. 

 

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Dec. 20, 2017: Hatch Joins the President on White House Lawn to Mark Historic Tax Reform Accomplishment
Dec. 20, 2017: Hatch: This is Historic
Dec. 21, 2017: Hatch Praises Final Senate Passage of First Tax Overhaul in More Than 30 Years

Dec. 15, 2017 Tax Cuts and Jobs Act Moves to House and Senate Floor for Full Vote

Dec. 13, 2017 Hatch Opening Statement at Tax Reform Conference Committee Hearing

Dec. 6, 2017: Hatch: Tax Reform Has Been “Years in the Making”

Dec. 2, 2017: Historic Tax Overhaul Passes U.S. Senate

Nov. 29., 2017: Hatch: Time to Advance Pro-Growth Tax Reform

Nov. 16, 2017: Finance Committee Passes Historic Tax Overhaul

Nov. 16, 2017: Hatch Remarks at Finance Committee Markup of Tax Cuts and Jobs Act

Nov. 15, 2017: Hatch Remarks at Finance Committee Markup of Tax Cuts and Jobs Act

Nov. 15, 2017: NFIB Endorses Senate Tax Bill

Nov. 15, 2017: Hatch Releases Modifications to Senate Tax Plan

Nov. 14, 2017: Hatch Remarks at Finance Committee Markup of Tax Cuts and Jobs Act

Nov. 13, 2017: Hatch Opening Statement at Finance Committee Markup of Tax Cuts and Jobs Act
Nov. 10, 2017: New Analysis: Senate Tax Bill Delivers Strong Economic Growth

Nov. 10, 2017: Hatch, Senate Republicans Make the Case for Tax Reform

Nov. 2, 2017: Finance Committee Members Applaud House Tax Reform Rollout

Nov. 2, 2017: Hatch Commends Brady’s Efforts on Tax Reform Proposal

Oct. 19, 2017: Senate Clears Budget Resolution to Advance Tax Reform

Oct. 17, 2017: Hatch: Budget Resolution Key to Meaningful Tax Reform

Oct. 3, 2017: Hatch Opening Statement at Finance Committee Hearing on International Tax Reform

Sept. 29, 2017: Hatch Welcomes Budget Resolution to Advance Tax Reform

Sept. 27, 2017: Unified Framework for Fixing Our Broken Tax Code

Sept. 19, 2017: Hatch Opening Statement at Finance Committee Hearing on Business Tax Reform

Sept. 14, 2017: Hatch Opening Statement at Finance Committee Hearing on Individual Tax Reform

Sept. 12, 2017: Hatch Announces Hearing on Reforming Business Tax Code

July 27, 2017: Joint Statement on Tax Reform

July 18, 2017: Hatch Statement at Finance Hearing on Comprehensive Tax Reform: Prospects and Challenges

June 16, 2017: Hatch Calls for Feedback on Tax Reform

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