Orrin Hatch, Senate Finance Chair, to Retire

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After helping to shepherd the tax cuts package into law, Senate Finance Committee Chairman Orrin Hatch, R-Utah, announced Tuesday that he plans to retire when his term ends early next year.

“Although I will miss serving you in the Senate, I look forward to spending more time with family, especially my sweet wife Elaine, whose unwavering love and support made all of this possible,” Hatch, 83, said.

Published reports say Hatch’s announcement leaves the door open for Mitt Romney to run for his seat.

Hatch’s announcement comes just a week after Congress passed — and President Donald Trump signed into law — the Tax Cuts and Jobs Act, which Hatch called “truly a historic success.”

The new tax law “will do a lot of good for a great number of people throughout our country,” he said.  

Hatch, who’s served in the Senate for four decades, said in announcing his planned retirement that he’s “authored more bills that have become law than any member of Congress alive today,” and “played a central role in the creation of the modern generic drug industry, the passage of the landmark Americans with Disabilities Act, and the confirmation of every current member of the United States Supreme Court.”

— Check out IRS Advice on Property Tax Prepayment Causes Widespread Confusion on ThinkAdvisor.

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