EY brings views on tax reform to Capitol Hill

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Eric Solomon, Co-Director of EY’s National Tax Department speaks in front of the US Senate
Committee on Finance during its hearing on Comprehensive Tax Reform

Tax reform remains front and center in discussions both on Capitol Hill. With many legislative experts expecting tax reform to be the centerpiece of Congress’ post-recess fall agenda, senators are soliciting the input of tax policy specialists, including the counsel of Eric Solomon, Co-Director of EY’s National Tax Department in the United States. Eric, a former US Treasury Assistant Secretary for Tax Policy, spoke on July 18 in front of the US Senate Committee on Finance during its hearing on Comprehensive Tax Reform: Prospects and Challenges. During his testimony, Eric cited the need for permanent, fiscally responsible reforms that reduce tax rates, eliminate various preferences, modernize the international tax system, and help American workers and families.

He outlined the pressing reasons for comprehensive reform, including global economic shifts and an American tax code substantially based on the US economy at the time of the Tax Reform Act of 1986, the last time the US tax code underwent a major overhaul.

Eric was one of four tax professionals invited to speak to the Committee. Former Assistant Secretaries Mark Mazur (2012- 2017), Pamela Olson (2002-2004), and Jonathan Talisman (2000-2001) also testified.

In addition to Eric’s appearance, the US Senate Finance Committee considered the nomination of former EY Director of National Tax David Kautteras Treasury Assistant Secretary for Tax Policy. Dave’s nomination was subsequently unanimously approved by the Committee. The entire Senate must now vote on his nomination.

Tax professionals interested in additional information and insight on US tax reform and tax policy can visit the Committee’s webpage, which also includes a transcript of Eric’s testimony and a replay of his remarks from the session.

EY’s US Tax Reform site on ey.com also provides access to a wealth of resources.

Committee’s webpage: www.finance.senate.gov

Replay of Eric’s remarks: http://bit.ly/2vf3CD4

EY’s US Tax Reform site: https://go.ey.com/2gjptk4