Golden Finance reports that incoming U.S. Senate Majority Leader John Thune said he hopes to introduce a comprehensive tax policy package before the summer, but he admitted that it will take some time to reach agreement on amending the complex tax law. Thune said failure is not an option when it comes to taxes. According to Thune, complex issues facing the tax reform bill include: what basis to use, whether to make the tax cuts permanent, and how much should be offset. Negotiations on complex tax policies continue. Thune's "two-step" plan is at odds with the one backed by House Ways and Means Committee Chairman Jason Smith, who favors a single-step approach. "If we don't act quickly, we're going to be in trouble," Smith said Tuesday.