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Legislative update: Senate committee hearings to include discussions of U.S. tax system

Legislative update: Senate committee hearings

Following last week’s passage and enactment of the “American Rescue Plan Act of 2021,” committees of the U.S. Senate are turning their attention to other matters.

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The Senate Finance and Budget committees this week have held or have scheduled hearings that are expected to include discussions about the U.S. tax system.

  • The Finance Committee yesterday convened a hearing to examine the effects of the U.S. tax code on domestic manufacturing. Read more about the hearing and witness statements on the Finance Committee’s website.
  • The Budget Committee has scheduled for today, March 17, 2021, a hearing about the following topic: The Income and Wealth Inequality Crisis in America. Read more on the Budget Committee’s website.
  • The Finance Committee has scheduled for March 18, 2021, a hearing concerning forced labor and customs enforcement for “clean supply chains” and to protect workers. Read more on the committee’s website.
  • The Finance Committee has scheduled for March 23, 2021, a hearing on the following topic: How U.S. International Tax Policy Impacts American Workers, Jobs, and Investment.

KPMG observation

These hearings—and others on other issues unrelated to tax—may be in preparation for anticipated broad infrastructure and tax legislation in furtherance of President Biden’s “Build Back Better” economic recovery plan.

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