2014-06-17T192029Z_1_LYNXMPEA5G10E_RTROPTP_2_USA-FISCAL

U.S. Senate's tax writer sees 15-month 'window' for tax reform

Sen. Ron Wyden attends first Senate Finance Committee hearing as chairman in WashingtonBy Patrick Temple-West WASHINGTON (Reuters) – The U.S. Senate’s chief tax law writer on Tuesday vowed to work on overhauling the federal tax code by August 2015, citing a move by Medtronic Inc to shift its tax home base to Ireland as a spur to congressional action. Senator Ron Wyden, the chairman of the Senate Finance Committee, said he wants to cut the corporate income tax rate to 24 percent from 35 percent, chiefly by eliminating loopholes. The Oregon Democrat said there will be an opening for tax reform between now and Congress’ August 2015 break. “You go in there, clean those out, and use the money to hold down the rates.” Wyden is one of the few lawmakers in the U.S. Congress to have a comprehensive plan for rewriting the tax code.

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