Senators Ron Wyden (D-OR) and Dan Coats (R-IN) “could announce they are introducing tax reform legislation as early as Monday, a Senate aide said,” according to On the Money.
The measure is expected to be similar to the bill that Wyden introduced last year with then-Sen. Judd Gregg (R-N.H.).
The Wyden-Gregg plan – which was released in February 2010 and did not gain much traction in a Congress that was concentrating on other issues in a midterm year – would have reduced the top corporate rate to 24 percent, from its current 35 percent.
It would have also simplified the individual code, shaving the tax brackets from six down to three (15 percent, 25 percent and 35 percent), and was found to be roughly revenue-neutral by the Urban-Brookings Tax Policy Center.
Both Senators are “expected to discuss their tax reform efforts in a Thursday event at the Heritage Foundation.”
The National Journal’s Tim Fernholz reported the Wyden-Coats partnership on Sunday evening.