Utah Senator Orrin Hatch is in line to become chairman of the Senate Finance Committee next year if Republicans gain control of that body through the November elections. He says he wants to revamp the tax code. Nebraska Farm Bureau’s National Affairs Coordinator Jordan Dux says if that happens his group would be cautiously optimistic about a possible revamp.
He says while his group likes the idea of simplifying the tax code, some of those deductions that farmers currently take are put back into their operations and are needed. He says even if the Senate remains in Democrat control , there needs to be some type of tax reform because people are demanding it.
Hatch says the current tax code is too long and complicated and just administering it saps hundreds of billions of dollars every year that could instead be saved or re invested.