Today Congressman Adrian Smith (R-NE) and Congressman John B. Larson (D-CT) announced they are leading the Tax Reform Working Group on Financial Services. The group is one of eleven bipartisan groups established by the House Committee on Ways and Means to inform its work on comprehensive tax reform. Smith and Larson will work together to review current financial services tax law and will report back to the Committee after compiling data and information from a wide range of sources.
"The American tax code is overly-complex, outdated, and uncompetitive," said Smith. "We need comprehensive reform to simplify the code for all Americans to make compliance easier and encourage economic growth. I look forward to working with Congressman Larson and I am optimistic we can help enact comprehensive reform during this Congress."
"Finding common sense ways to reform the current tax code is crucial to growing our economy," said Larson. "Now, members will work across the aisle to research and develop the best path towards a tax code that gives all Americans the ability to succeed. I commend Ranking Member Levin and Chairman Camp for establishing these groups, and I look forward to working with Representative Smith in the 113th Congress."