The Administration will release its fiscal year 2015 budget proposal on March 4th. The Senate Finance Committee will hold a hearing on the President’s budget on March 5th.
The House Ways and Means Committee’s hearing on the budget will occur on March 6th. Treasury Secretary Jacob Lew will testify at both hearings. In announcing this hearing, Chairman Dave Camp said, “A tax code that is simpler and fairer will make the economy stronger so there are more jobs and bigger paychecks. It is important that any closing of special-interest loopholes be used to lower tax rates – not to pay for new spending – so employers can start hiring again, families can save more and wages can start to grow. The Tax Reform Act of 2014, released last week, achieves these goals and includes ideas advanced by Democrats and Republicans in Congress, as well as those offered by the Obama Administration. This hearing will provide the Committee an opportunity to review the President’s tax proposals and Treasury Secretary Lew the opportunity to share ideas in the President’s budget designed to meet those same goals.”