Senator Ron Wyden (D-OR) is expected to officially become the chairman of the Senate Finance Committee on Thursday. A number of sources are reporting that he will prioritize a speedy passage of the expired tax extenders.
But in an acknowledgement of the challenges of tax reform, Wyden said he wants to quickly extend dozens of expiring tax provisions for another year as a “bridge” to reform and he even embraced some new tax subsidies.
Legislation to renew tax breaks for several industries will be at the top of incoming Senate Finance Committee Chairman Ron Wyden’s to-do list once he takes that panel’s gavel, he told reporters Tuesday.
“My sense is that the focus at the outset is likely to be the extender package,” Wyden said after meeting with Democrats at a regular party luncheon on Capitol Hill.
A total of 55 tax provisions for everything from biodiesel fuel to Hollywood movie sets expired at the end of last year because Congress did not act to extend them.
Wyden said he feels there’s an opportunity to make renewing the tax breaks “a bridge” to more fundamental tax reform.
“I think the tax system as a whole is a rotten, dysfunctional mess,” the Oregon Democrat told reporters.