Although there are people, like Bond Dealers of America CEO Mike Nicholas, who have predicted that federal tax reform will not happen until 2017, the Senate Finance Committee has kick-started the process. Law firm KL Gates sent out a primer about the Senate Finance Committee plans:
The momentum toward comprehensive tax reform accelerated significantly on June 27th, 2013, when the bipartisan leaders of the Senate Finance Committee, Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT), sent their Senate colleagues a joint letter requesting Senators to submit their tax reform proposals by July 26th, 2013.  In doing so, Senators Baucus and Hatch are beginning to set the table for the Finance Committee to consider tax reform in the coming months. As discussed in our previous alert, the time to weigh in on tax reform is now.
Senate Finance Committee members Senators Max Baucus and Orrin Hatch have asked all senators for their tax reform wish lists:
The [Baucus-Hatch] letter is significant in several respects. Perhaps most importantly, it asks Senators to start from a “blank slate”—that is, to assume that all tax credits, deductions, and other tax expenditures are repealed. From here, Senators are asked to propose which expenditures should remain in the Tax Code, and make other recommendations on tax provisions that should be added, repealed, or reformed during tax reform. Thus, the Finance Committee has effectively put every tax expenditure,and potentially an even wider array of issues, on the table while also acknowledging that some tax expenditures should be retained.
Imagine the size of the lobbying effort that will accompany this process. KL Gates again: