Murray and Ryan talk tax reform for 2014

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Dec. 17, 2013 – Sen. Patty Murray, D-Wash., and Rep. Paul Ryan, R-Wis., spoke about tax reform legislation to come in 2014, during a weekend appearance on NBC’s “Meet the Press.”

Speaking with interviewer David Gregory, Ryan said, “We’re going to be advancing tax reform legislation because we think that’s a key ingredient to getting people back to work, to increasing take home pay, to begin growing this economy.”

Murray responded, “I would agree with the chairman that we do need to do tax reform. Where the divide comes is what you would do with any revenue that was generated from that – but that doesn’t mean we couldn’t ever find a compromise with that. It would be an intense discussion.” Ryan is the chairman of the House Budget Committee, and Murray is the chairman of the Senate Budget Committee.

The House of Representatives passed an $85 billion budget agreement last week, introduced by Murray and Ryan, that would reduce the sequester while providing some $20 billion to $23 billion in budget reduction over 10 years, by a vote of 332-94. The bipartisan agreement could help spur delayed discussion on tax reform, which House Ways and Means Committee Chairman Dave Camp, R-Mich., and Senate Finance Committee Chairman Max Baucus, D-Mont., had originally hoped to vote on in the fall.

NAFCU lobbyists continue to hear from the Hill that credit unions’ exemption from federal corporate income tax has not been included in any plans drafted to date for reform, but they are remaining vigilant.

The agreement now needs Senate approval before it can be enacted. Budget conferees, led by Murray and Ryan, have been working under a Dec. 13 target for completing a budget deal. NAFCU is closely following developments on the budget for any impact on credit unions.